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FEBRU A RY 1943 T H E COUNTY ELEC TIO N F r o m a p a i n tin g b y G e o rg e C a le b B in g h a m , o n e o f s e v e r a l o n d is p la y in T h e B o a t m e n ’s N a ti o n a l B a n k of S t. L o u is . S ee p a g e 5. VICTO R Y BUY U N IT E D STA TES W AR BO N D S AND STAMPS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Country Bankers Association to Be Organized Page 10 ^ ^ < -, <¿ < fr « » .» » > ^ >> »- > y ^ ->£ *£ «y ^ > v ^ *4 «£ g What Friendship Means It is good to have so many banker friends in times like these which test the mettle of men and institutions. We deeply appreciate these friendships—in the several hun dred banks of the middle west which have correspondent accounts here. That's why we exert every effort to make our service friendly, prompt and efficient. «g A CEDAR R A P ID S B A N K CEDAR R A P ID S <4 -<■ SERVICING A L L IOWA MERCHANTS NATIONAL BANK ■<r < f <é n 4 <■ ílllLi " if F ni O FFIC E R S BP ^ ^ <c < i iïi ^ ¿ r^ H $ *8 ^ J a m e s E. H a m i l t o n , Chairman S . E. C o q u i l l e t t e , President H . N . B o y s o n , Vice President R o y C. F o l s o m , Vice President M a r k J . M y e r s , V. Pres. & Cashier G e o r g e F . M i l l e r , V. Pres. & Tr. Officer M a r v i n R. S e l d e n , Vice President F r e d W. S m i t h , Vice President J o h n T. H a m i l t o n II, Vice President R. W. M a n a t t , Asst. Cashier L. W. B r o u l i k , Asst. Cashier P e t e r B a i l e y , Asst. Cashier R. D. B r o w n , Asst. Cashier 0 . A . K e a r n e y , Asst. Cashier S t a n l e y J . M o h r b a c h e r , Asst. Cashier E. B. Z b a n e k , Building Manager Cedar Rapids Iowa Member Fed«?«! Deposit In s u ra n « Corporation N orthw estern Banker, published m onthly by the D e Puy P u blishin g Company, at 527 7th Street, D es M oines Subscription, 35c per copy, $3.00 per year. Entered as second cla ss m atter at the D es M oines post office. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa. O n e d a y sw o r d s w ill b e b e a t e n b a c k to p lo w sh a r e s ; a n d ta n k s to tractors; a n d m e n w ill w a lk e a s i ly a g a in , u n a fra id , in th e str e e ts of th e c itie s of a free w orld . » » A m e r ic a is s e e i n g to th at — in b a ttle lin e s str e tc h e d from A la s k a to A frica to A u stra lia ; on a s s e m b ly lin e s a ll o v er th e n a tio n ; a n d in th e lo n g lin e s of A m e r ic a n s, a n s w e r in g th e cry, " A n y B on d s, T o d a y ? " w i t h p u r c h a s e s w h i c h a r e a l r e a d y in e x c e s s of $8,267,000,0001* » » To d a te , A m erica 's b a n k s h a v e b e e n A m e r ic a 's S tar S a le s m e n 1. For t h e s e in stitu tio n s h a v e so ld 85% of th is h u g e to ta l — m ore th a n $56,000 w orth of W ar B o n d s e v e r y m in u tel » » A n d th e y are d o in g it w ith o u t c o m p e n s a tio n or profit. D o in g it in s p ite of th e s h o r ta g e of m a n p o w e r — a n d in th e fa c e of th e a d d e d e x p e n s e m a d e n e c e s s a r y b y th e e m p lo y m e n t of extra sta ffs. » » T he G o v ern m en t a n d th e p e o p le of th e U n ite d S ta te s h a v e c o n fid e n c e in b a n k s. C o n fid e n c e , s e c u r e d b y lo n g y e a r s of fa ith fu l, effi c ie n t s e r v ic e to th e co m m u n ity a n d th e n a tio n . » » O n e of t h e s e im p o r t a n t s e r v i c e s i s t h e p r o t e c t io n o f d e p o s i t o r s ' c h e c k s th r o u g h th e u s e of S a fe ty P a p e r. S a fe ty P a p er, w h ic h p ro tects c h e c k s a g a in s t fra u d u len t a lte r a tio n a n d co u n te r fe itin g , w a s in v e n te d b y G e o r g e La M on te in 1871. La M on te S a fe ty P a p e r s — id e n ti lie d b y the w a v y l i n e s — are u s e d b y in d iv id u a ls , c o r p o r a tio n s a n d b a n k s th r o u g h ou t th e n a tio n . B a s e d on 40 - h o u r w e e k —N o v . 1, 1941. to O ct . 31, 1942. G IV E U N C L E SAM Y O U R C H E C K F O R W AR B O N D S GEORGE LA MONTE & SON Nutley . . . . . . . . . . . . . . N ew Jersey https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This Hasn’t Happened Here —But In cen d iary bom bs h aven ’t rained on America yet — but an n u ally th o u san d s upon thousands of American homes are destroyed by fire. Many, undoubtedly most, of such fires can be prevented. Rem em ber, each burned home now represents destruc tion of essential m aterials. Insurance can only furnish the funds to replace them. Loss of your home by fire thus m eans serio u s c o n se quences to you and just that much loss to a fighting nation. Make it your wartime policy https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to be fully insured and to Be EX TR A careful about Fire! Fire insurance normally protects your property. But today, unless you have War Damage Insurance, you are not protected against loss of home, business property or other possessions through enemy attack. For the protection of its citizens, the Federal Government has set up the War Damage Corporation to put this special low-cost insurance within reach of all. Any Home agent or your own broker will be glad to give you full details. * TH E HOM E * NEW FIRE AUTOMOBILE YORK • MARINE INSURANCE FEBRUARY 19 4 3 F O R T Y - E IG H T H Y E A R N U M B ER 667 O ldest Financial Journal West of the Mississippi River IN THIS ISSUE C L IF F O R D D E PU Y Publisher R A LP H W. M O O R H E A D Associate Publisher H EN RY H. H A Y N ES Editor 527 Seventh Street, Des Moines, Iowa Telephone 4-8163 N E W Y O R K O F F IC E Frank P. Syms V ic e President 505 Fifth A v e . Suite 1806 Telephone MUrray H ill 2-0326 Editorials Across the Desk from the Publisher............................................................................. 6 Feature Articles Frontispiece .... ............................................................................. ..................................... 9 Country Bankers Association to Be Organized....................... William B. Hughes 10 How Your Bank Will Be Affected by Ration Banking.... ......................................... 11 Business Conditions in 1943 to Be Favorable................................... W. J . Goodwin 12 A Systematic Plan for the Purchase of Governments.............Milton Tootle, III 13 News and Views of the Banking World....... ................................................................ 14 How Is M arket Value of Stocks Established?—Legal Questions......................... 16 A Chicago Banker’s Wife W rites Poems......................................... J. Mills Easton 18 Insurance 1943 Can Be an Excellent Year....................................................... C. S. Cotsworth 21 Bonds and Investments Markets Are Stronger Because People Feel B etter................... James H. Clarke 27 What Their Statements Show................................................................... .................... 30 M IN N E A P O L IS O F F IC E Jos. A . Sarazen Associate Editor Telephone Hyland 0575 ★ ★ ★ ON THE COVER TH E C O U N TY E LE C T IO N The County Election is one of o series of p o litica l p ictures ap pearing on the w alls of the lobby of The Boatmen's N ational Bank, St. Louis. The a rtis t is G eorge C a le b Bingham, who came to Mis souri with his parents in 1811. This picture w as painted by Mr. Bingham in 1851. O ther pictures in the series are Stump Speaking, and The V erd ict of the People. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis State Banking News Minnesota News .......... 35 W hat Minnesota Statements Show....... ................................................................ 36 Twin City News............... ....................................................................................... 39 South Dakota News......................................................................................................... 43 W hat South Dakota Statements Show........ ..................................................... 43 North Dakota News......... ................................. ....... ...... .................... ................. ...... 45 W hat North Dakota Statements Show............................................................... 45 Nebraska News ................................ 49 What Nebraska Statements Show........ ........................... ................................... 50 Omaha Clearings ................... ............................................... ................................ 51 Lincoln Locals ................................................................................................ 53 Iowa News ......................... 55 W hat Iowa Statements Show........ ..................................................................... 56 Iowa News from Here and There............................................. ...J, A. Sarazen 59 Group One in Sioux City.................................................................................... . 58 Group' Eleven at Burlington................................... ................... ....................... 62 The Directors* Room A Few Short Stories to Make You Laugh 74 G A Across the Desk From the Publisher Shall W e Pay Taxes In 1943, there will As W e G o by Turning be. approxim ately 50 tl t r "i i ai i o million income taxIhe I ax Clock Ahead? p a y e r s com pared, w ith 17 million in 1942. U nder our present plan they will be paying taxes on income which they received in 1942 and which they may have spent or lost in the m eantim e. The question then is, w hether it w o u ld n ’t be sm arter to pay for our taxes as we go along, and this we can do according to B eardsley Ruml, C hairm an of the B oard, F ederal Reserve B ank of New Y o rk ; tre a su re r of R. II. Macy Company, Tnc., New Y o rk ; and author of the Pay-As-YouGo Income Tax Plan. A nd his plan covers three m ain features, w hich a r e : “ The Pay-As-You-Go income tax plan is a threew ay plan, and it applies only to individuals and not to corporations. F irs t of all, it is a plan th a t will relieve thousands of citizens from hardship and distress arising from incom e-tax debt, and th a t will b ring peace of m ind to m illions more who are in incom e-tax-debt danger. “ Second, it is a m ethod for clearing the decks for an all-out w ar-financing program . If we can all be free of incom e-tax debt we can s ta rt on a pay-as-you go basis and stay there. If we need high w ithholding taxes we can have th e m ; if we need to supplem ent v o lu n tary savings w ith com pulsory savings, we can do th at, too. B ut w hatever is called for, it would be paid out of the cu rren t y e a r’s income as an assessm ent on the same y e a r’s income. W e would not be paying fo r dead horses while we are fighting a war. “ In the th ird place, the Pay-As-You-Go income tax plan is the best kind of financial planning for the post-w ar period. Our policies can then be fo r Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b3 w ard looking, not backw ard looking. W e will not be try in g to collect income taxes from people who are unem ployed; we will not be debating w hether we should collect taxes on incomes from men recently demobilized from the arm ed forces. We will not have a spending spree in the first little boomlet, financed on u n paid taxes, and th en a tax debt headache if incomes should drop off for a year or tw o .” A nother question which arises is w hether we can drop an income ta x year out of the calendar w ithout having the T reasury lose a lot of money th a t is needed for the w ar effort. The answ er is, according to Mr. Ruml, “ T hat we shall all go along paying our income taxes as we have before, only they will be on a c u rren t basis. The T reasury will also go along getting its revenues. The only difference is th a t w hen a ta x p ay e r dies or ceases to receive income, he does not owe a ta x as he does un d er the present system. R eduction of tax p ay m ent by the tax p ay e r as a re su lt of settin g the ta x clock ahead occurs only at some fu tu re date, when and as the ta x p a y e r’s income ceases or de clines. The reduction is therefore spread over the whole lifetim e of the present income ta x paying generation, and occurs beneficially for each ta x payer at the time his income fails. As fo r the Treasury, the Treasury has never considered taxes receivable as an asset, and accordingly they can be w ritten off the balance sheet of the government w ithout the change of a single p e n n y .” This entire question has been re ferred to the Senate F inance Committee, which is to m ake a re p o rt very shortly as to w hether this plan will he sta rte d in 1943 on a pay-as-you-go basis for all individuals. W hether it is adopted rem ains to be seen, b u t basically the Ruml plan has m any -f i À- i 7 elem ents of soundness and should be given care ful consideration by all those who favor such a reform in our tax program . In t h i s i s s u e of the Service Charges N o r t h w e st e r n B a n k e r is a For Ration special survey on, “ How Banking R ation B anking W ill Affect Your B ank, and we call it to your special attention. As you know, the present ru lin g of the Office of P rice A dm inistration only affects three item s which are sugar, coffee, and gas, b u t undoubtedly more item s will come under the ratio n in g program as tim e goes on. The service charges for the handling of ra tio n ing coupons at a bank are as fo llo w s: Each Deposit Check................................ 5 cents Each C heck................................................ 4 cents Handling of Coupon Sheets.................. y 2 cent Opening of each new account..............30 cents Opening each additional account in another commodity for the same customer ............................................... 5 cents The monthly maintenance of an ac count ....................................................... 10 cents As fa r as retailers are concerned, the rationing program does not affect any m erchant who does a business of $5,000 a m onth or less. However, we believe th a t in the te rrito ry covered by the N o r t h w e s t e r n B a n k e r there will be m any m erchants doing a volume g re ater th an this am ount, and therefore bankers in our te rrito ry will be interested in this program and in the survey which appears in this issue of the N o rth w estern B a n k er . The general public so "How Large an fa r has not been very Internal Debt Can w orried about the n a A Nation Stand?" tional debt and its con tin u in g rise, especially so because m any believe th a t we owe the money to each other so what difference does it make. However, the question of how large an in tern al debt can a nation stan d is being given serious consideration by our leading financiers th roughout the country. This subject was discussed recently by W inth ro p W. A ldrich, chairm an board of directors, of the Chase N ational B ank of New Y ork, when he spoke before the C onnecticut B ankers Associa tion. Mr. A ldrich pointed out th at, “ At the present https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis time, the Federal debt of the United States, direct and guaranteed, comes to about 114 billion dollars. This sum is 66 billion dollars larger than the debt in June, 1940, when the defense program got under way. A year from now, the Federal debt may amount to 180 billion dollars, and eventually it may reach a peak of 250 or even 300 billion dollars. The magnitude of these figures is revealed when it is remembered that the peak of the interest-bearing debt during the period of the Civil War was 2.3 billion dollars and during the period of the World War, was 26 billion dollars. “ The amount of debt that a nation can support depends, in the main, upon four factors: (1) the use of the proceeds of the debt, (2) the burden of the debt service charge, (3) the distribution of the debt between short- and long-term obliga tions, and (4) the ownership distribution of the debt.” The cost or in terest on the national debt if we reach a peak of 250 billion dollars as Mr. A ldrich th in k s we m ay do, will rep resen t an in tere st b u r den if we figure the ra te a t an average of 2 per cent to about 5 billion dollars annually and this in terest burd en can be com pared with our cu rren t fiscal year of about $1,900,000,000. In concluding his discussion of “ How large an in tern al debt can a nation s ta n d ,” Mr. A ldrich also emphasizes th at, “ Far from being a matter of minor importance, a rapid increase in an in ternal public debt gives rise to many difficult and grave problems. If our debt continues to be badly distributed, if commercial banks must continue to absorb large sums, the transfer problem will be aggravated and the economic system will be forced to operate within a rigid framework. In flationary dangers w ill increase and, in conse quence, it may prove difficult to re-establish the dollar on a sound basis. ’ ’ I t is therefore idiotic to say th a t we need not w orry about our in tern a l national debt simply because we owe it to each other, because even if we do it is a constant drain upon our national income to pay the debt carrying charges and at the same tim e hope to m ake some reasonable re duction of the debt from year to year. Northwestern Banker February 19^3 8 WHERE FRIENDLINESS IS A TRADITION . . . WHERE THE PROMPT, EFFICIENT H A N D ' LING OF EVERT CORRESPONDENT AND TRANSIT ITEM IS AN INVIOLABLE RULE y'9o*uaityfiiesuMif. Batik." T he C entral National BANK AND TRUST COMPANY ü e i . MEMBER Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL February Í9b3 M a i+ t& i, DEPOSIT P a n to . INSURANCE CORPORATION 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 CùUHtry Bankers Association to Be Organized k i 1. Has the American Bankers Association Ceased to Represent the Inter ests of the Country Banker? -r 2. Is a Country Bankers Association of the U. S. A . Needed to Give More Intensified Consideration to the Problems Facing the Smaller Banks of the Nation? A t the request of the Editor of the NORTHW ESTERN BANKER, Mr. Hughes prepared the following article which states very clearly the plans now under consideration for the organization of a nation-wide country bankers association. N o rd er to ju stify o u r efforts tow ard th e form ation of an o rganization of sm all banks, we m ust cover as b rief ly as possible th e factors th a t ground into us th e conclusion th a t such an A ssociation is sadly needed. The N ebraska B ankers A ssociation has, d u rin g th e p ast year, been th ro u g h an extrem ely u n p leasan t and eye-opening experience in connection w ith its efforts to assist its v ery sm all banks ag ain st th e im m ediate th re a t to th e ir existence, p resen ted by th e subsidized com petition of Production C redit A ssociations. In th e la tte r p a rt of 1941, com plaints from m em ber b anks about th e ir diffi culties in try in g to m atch th e subsidy enjoyed by PC A caused o u r com m ittee to look aro u n d for w h atev er opposi tion w as being given th is subsidized agency . None w as visible to th e naked eye. W ith childlike faith we ap proached th e A m erican B ankers As sociation, and our troubles began. W e w ere ignored u n til early 1942, th en w ere told in th e m ost vague and g en eral term s th a t e v ery th in g possible w as being done again st PCA, b u t we could not be told of w h at it consisted. At th is po in t a life-sized suspicion reared its head th a t th is w as cam ou flage and a cover-up of actu al in activity. Our effort to in te re st o th er State A ssociations in going w ith us to seek ABA leadership ag ain st PCA w as m et by active and successful m easures from the New Y ork office, to circu m v en t such a conference. F ro m th a t tim e u n til ju st p rio r to th e recen t C entral States Conference, EVERY CONCEIVABLE ARGU- I Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b3 By W illiam B. Hughes Secretary N e b r a s k a B an ke rs A s s o c i a t i o n F irs t Vice P re s id e n t C entral Sta tes Con feren ce W IL L IA M B. H U G H E S M ENT AGAINST ANY ATTACK ON PCA w as train ed on us by th e A m eri can B ankers A ssociation and its satel lites, to g eth er w ith claim s th a t PCA WAS being opposed in some m y steri ous and unm entionable way. B ut by Decem ber, out it cam e . . . the ABA had opposed the F u llm er Bill. W hy all th e secrecy about th a t is still a riddle. The F u llm er Bill deals exclusively w ith real estate loans, w hich th e PCA does not touch. In the opinion of our com m ittee, it req u ires a considerable stretch of the im agination to class this as opposition to PCA. T h at th e de feat of the F u llm er proposition will stop th e encroachm ent of PCA in th e slightest degree, is a m yth. So m uch for th e sob stuff. Our com m ittee has gained from its experiences th e conviction th a t an organization as large as the ABA unavoidably faces problem s in w hich th e in terests of v ery sm all banks and those of th e very large banks do not coincide, and th a t in such situations th e ABA alw ays tells the little banks to be quiet, take th eir m edicine, and to not rock th e boat for th e bigger banks. It w as th a t w ay w hen it w as being planned th a t State banks w ould not be given FDIC coverage unless th ey joined th e F ed eral R eserve system . Same th in g re garding th e outrageous overcharging of v ery sm all N ational banks by the com ptroller for his exam ination. Also th is PCA fuss. The N ebraska B ankers A ssociation is asking the In d ep en d en t B ankers A ssociation if it can re a rra n g e its set up to become a C ountry B ankers or ganization, and for an outline of th e w ay it w ould be prep ared to function as a cham pion of sm all co u n try banks. D uring our com m ittee’s feeble initial efforts in W ashington a great w hite light b u rst upon th em —th a t a simonp ure C ountry B ank organization will get an open-arm s reception in W ash ington th a t will n ever be accorded by public m en to an organization re p re senting the v ery large city banks, and dom iciled in w h at W ashington is fond of term ing, “W all S treet.” T 1 < 11 Editor's N ote: At the same tim e we received Mr. H ughes’ article W. L. Hemingway, P resident of T he A m erican Bankers Associa tion, issued a statem ent on the A. B. A.’s position regarding social ized credit in which statem ent he said in p a rt : “The Am erican Bankers Asso ciation has long been opposed to the socialization of credit by the government. B y socialization, we mean the extension of credit and the making of loans by the Federal Government with costs and losses paid out of the Federal Treasury either directly or indirectly. Our position supports the stand main tained by leading farm organiza tions as they oppose the control of agricultural credit by political forces. “We recognize the rights of farm ers or any other group to establish, operate, and maintain cooperative What About a Country Bankers Association? We would like to have our readers give us their opinion regarding the organization of a Country Bankers Association. Are you in favor? Are you opposed? W hy? These are times of many changes—is the suggestion of a Country Bankers Association a sign of the times? W rite The Northwestern Bank er, giving us your views.—The Editor. credit enterprises. We believe, however, that such institutions should be operated on a self-sup porting basis and that income should be adequate to cover the costs of operation, including credit losses. Continuing losses of any such institution should not be sub sidized out of the Federal Treasury. “The American Bankers Associ ation believes that the agencies of the Farm Credit A dm inistration should be farmer-owned and farm er-controlled cooperative credit in stitutions, and in this connection it w ill continue to support the farm organizations in their efforts to pro tect this farmer-ownership and con trol and to provide for the ultim ate elim ination of government subsidy. "We believe that the present sub sidies enjoyed by the Production Credit Associations in the form of government capital should be re turned to the United States Treas ury as soon as practicable.” How Your Bank Vigili Be Affected By Ration Banking Bankers From New York State, W here the System of Ration Banking Has Been Tested, Tell the Northwestern Banker That So Far the Plan Is Working Satisfactorily ATION B anking is now w ith us. Some tim e ago th e b anks of th e n atio n received from th e office of price ad m in istratio n sam ples of the form s to be used, such as ra tio n checks, deposit slips, sig n atu re cards, and tra n sm itta l letters. W ith th e program scheduled to becom e effective on Ja n u a ry 27th, on coupons covering the sale of sugar, coffee, and gasoline, m an y b anks alread y have handled th e ir first tran sactio n s of th is n atu re. The com pensation to be received by p a rtic ip a tin g b anks has been fixed by W ashington, and is as follows: F o r th e first account opened by any depositor in an y one office of th e b an k 30 cents; for each additional account opened for th e sam e depositor a t th e sam e bank, 0.5 cents; for each deposit carried on th e books of th e b an k on th e 15th of th e m onth, 10 cents; for each deposit m ade, .05 cents; for each item included in th e deposit, .005; for each ra tio n check debited to an ac count .04 cent. R https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L ast fall th e OPA set up a te st or ex p erim ental area in New Y ork state, and N or thw estern B anker asked a n u m ber of these banks to tell our read ers som ething of th e ir experience of th e p ast few m onths. T h eir re plies indicate these banks are having no difficulties w ith th e ratio n banking set-up, nor so far have th ey found it n ecessary to increase th e ir personnel to handle th e added w ork involved. R ation banking is only com pulsory for re ta ilers doing a gross business of $5,000 or m ore p er m onth, and it is quite likely banks in th e sm all tow ns and com m unities w ill have few coupon accounts because of th is exem ption. Also, th e coupons now only cover sugar, coffee, and gasoline. W hen canned goods, m eat, d airy products, etc., are added to th e ratio n list, servicing ratio n accounts w ill increase proportionately, and it m ay be a t th a t tim e banks w ill find it necessary to tak e on m ore help. It is said now, how ever, th a t it w ill be M arch 1st, or even later, before these additional item s w ill be rationed. The follow ing tells of th e experience of a n um ber of b an k ers in New Y ork State: W. S. Gifford, vice p resident and cashier, G lenville Bank, Scotia, N ew York: “W e have on our books 34 sugar ratio n accounts. W e have no gaso line ratio n accounts for th e reason th a t th is applies only to w holesalers and th ere are no w holesalers dealing w ith us. In some cases, especially am ong th e sm aller retail grocers, we had some difficulty in explaining this system . These people did not have checking accounts and it did sound involved to them . As a whole, how ever, th e m erch an ts had no difficulty. W e find th a t th e m erch an ts are not objecting to th is m ethod of handling th e stam ps. “We have not found it necessary to increase th e nu m b er of em ployes to (T u rn to page 65, please) Northwestern Banker February 19^3 12 Business Conditions in 1943 to Be M ost favorable Farm Income in Iowa Last Year W as $1,225,000,000, and With Increase in Production as Planned, 1943 Should Easily Exceed This Huge Amount OWA can look fo rw ard to 1943 w ith every assurance th a t business con; ditions for us w ill be p erh ap s th e m ost favorable th e y have been for a good m an y years. To get a clearer view as to th e b u si ness situ atio n as fa r as Iow a is con cerned, it w ould be w ell to rev iew the incom es of our farm s, upon w hich largely all business in our section de pends. The farm incom e in our state for th e y ear 1940 w as som e $669,279,000, in 1941—$873,992,000. In 1942 it rose to th e v ery large am o u n t of $1,225,000,000. F ro m th ese figures should be de ducted th e feeders and sheep we have shipped in from outside of th e state. B ut n o tw ith sta n d in g th a t, it re p re sents a v ery large incom e and satis factory condition of affairs. T his last y e a r has been, in p rac tically all respects, u n equalled in th e h isto ry of th e state. W e had alm ost ideal grow ing w eath er for th e w hole year. The crop yields w ere v ery high —th e average yield of corn going to th e unp reced en ted high of 61 bushels p er acre. O ther crops did equally well. The la tte r p a rt of th e season w as n o t so good for o u r new crop, soy beans, b u t n ev erth eless th e yield w as v ery satisfactory. T his farm p ro sp erity has h ad a m ark ed effect on all o th er business in th e state. Those engaged in process ing, refining and packing th e crops have been doing a nice business. The packing com panies too have done probably th e larg est b u siness in th e ir history. I Making War Goods M anu factu rers n o t closely associated w ith ag ricu ltu re have converted th e ir p lan ts to th e m a n u factu re of w ar goods to an e x te n t not th o u g h t pos sible. In a little over one y e a r th e y are producing th o u san d s of dollars of w ar m aterials, an d few p lan ts have h ad to be sh u t dow n on account of th e w ar. T his general p ro sp erity has reflected itself upon b an k in g as w ell as upon o th er lines of business. The condition of th e b an k s has been g ettin g steadily Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 By W . J . G oodw in C h a i r m a n of the B o a r d C e n t r a l N a t io n a l Bank an d T ru s t C o m p a n y Des M o in es W . J. G O O D W IN b e tte r since th e all-tim e low in 1934, w hen th e deposits in th e banks u n d er o u r S tate B anking D ep artm ent w as $225,496,000—th is from a previous high of $637,205,000 in 1923. A t th e end of Septem ber 1942, th e deposits in these banks had increased to $605,560,705. Cash and G overnm ent Bonds had increased in nine m onths from $277,450,879 to $371,202,184. The loans in these sam e ban k s had been reduced from $262,453,981 to $237,626,359. W e are en terin g th is period w ith a desire on the p a rt of th e public to liquidate th e ir indebtedness, and I am sure th e last th ree m onths of 1942 w ill show fu rth e r acceleration in debt paym ent. T his is a m arked c o n trast to th e speculation and going in debt th a t p re vailed in th e first W orld W ar, and this condition reflects itself in th e sound ness of our financial in stitu tio n s. The condition in th e N ational B anks is very m uch th e sam e as in th e State B anks. Crops Must Increase Now th e S ecretary of A griculture is asking th a t n early all th e crops of th e state be increased from 10 p er cent to 20 p er cent. L ast y ear it w as estim ated we pro duced eighteen m illion head of hogs— an all-tim e high, and th ey w a n t it in creased 16 p er cent—flax 30 p er cent, tu rk ey s 10 p er cent, chickens 10 p er cent, and 60,000 acres p lan ted to the new crop, hem p. I do not know w h e th e r these de m ands can be m et, b u t I do know everyone w ill m ake an effort to do so. M ay we be favored w ith as ideal w eath er as we have had th e last year, and m ay we n ot be too g reatly handicapped by help for th e farm s. N ationally in th is sam e tim e we have converted from a peacetim e to a w ar economy, and practically all our large m an u factu rin g in stitu tio n s are on a w ar or sem i-w ar basis. All done in a little over a year. W e could n ot help in th is conversion to get m ore of some w ar m aterials th a n we needed—and less of oth ers—and w ar itself changes from day to day—and th e needs change. T his year we expect to spend, and these figures change too from day to day, 78 billion dollars on w ar equip m ent alone—n ot counting pay for th e A rm y and N avy, and w e w ill need to raise, by tax atio n and sale of bonds, 100 billion dollars—an ' u nprecedented sum . Our debt is already 92 billion dollars, and by th e end of 1943 th e N ational debt w ill be close to 200 bil lion dollars. Cost to Iowa W h at does th is m ean to Iowa? It has been estim ated th a t Iow a is an average state in w ealth and resources, and, if so, our sh are of the debt by th e end of th is y ear w ill be four billion dollars, or figures approaching the total actual w ealth of th e state. W e m u st w in th is w a r no m a tte r (T u rn to page 67, please) 13 Milton Tottle, III, \ ice P resid en t of the Tootle-Lacy N atio n al B ank, St. Joseph A Systematic P/dH for the Purchase of Government Securities SYSTEM for th e periodic p u r chase of g o v ern m en t securities by his b an k w ith p a rtic u la r a t ten tio n to m a tu ritie s and yield, has been p u t into effect by M ilton Tootle III, vice p re sid e n t of The Tootle-Lacy N ational B ank, St. Joseph, M issouri, according to an in terv iew on this subject he gave to H en ry H. H aynes, E d ito r of th e N orth w estern Banker. T he p lan is operatin g successfully in The Tootle-Lacy N ational Bank, and has th e ap p earance of being easily adapted to th e in v estm en t pro g ram of alm ost an y b an k in g institu tio n . A The plan w hich Mr. Tootle has in au g u ra te d in his b an k is based upon th e in v estm en t of a d eterm ined am o u n t of b ank funds in govern m en t secu rities over a period of tw elve years, w hich is to be k now n as The P e rm a n e n t R evolving F und. T his R e v o lv in g F un d m u st not be confused w ith short-tim e govern m en ts of a year or less m atu rity carried by the bank, as th ese in v estm en ts are eq u ivalen t to cash. To set up th e R evolving F und, the first question, of course, is to decide w h a t am ou n t shall be invested therein. As a hyp o th etical case take, for exam ple, a b an k w ith $3,600,000 deposits. On th is basis th e Revolving F u n d w ould am o u n t to $1,200,000, w hich w ill be $100,000 m a tu rin g each y ea r for tw elve years. (The system m ay be m ore easily visualized by re fe r ence to C hart No. 1 on th is page.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis An I n t e r v i e w With N/lilton Tootle, III V ic e P r e s id e n t The T o o t l e - L a c y N a tio n a l Bank St. J o s e p h , M isso u ri Obviously every bank already has a certain am ount of its funds in g overn m en t securities. Of course, am ounts and m a tu rity dates are not going to fit im m ediately into a system like Mr. Tootle sets up, b u t a s ta rt m ust be made. So in settin g up the system , a ban k should check th ro u g h its gov ern m en t security holdings, list each am ount from th e sh o rtest to th e long est, according to th e ir correct m a tu rity date. In doing this it is necessary to determ ine w h at m a tu rity dates you are to use—actual m a tu rity or call date. His bank uses call dates in all cases. A fter the m atu rities have been listed, it w ill probably develop th a t th ere are certain y ears th a t show no (T u rn to page 19, please) CHART NO. 1 $1,200,000 P e rm an en t F u n d —12 y ears—$100,000 m atu rin g each year Invested in 1943—$100,000 Invested in 1944—$100,000 Invested in 1945—$100,000 Invested in 1946—$100,000 In vested in 1947—$100,000—In v estm en t to date in 1 to 5 y ear m atu rities $500,000 Invested in 1948—$100,000 In vested in 1949—$100,000 Invested in 1951—$100,000 Invested in 1952—$100,000—In v estm en t to date in 5 to 10 y ear m atu rities $1,000,000 In vested in 1953—$100,000 Invested in 1954—-$100,000—In v estm en t to date in 10 to 12 year m atu rities __________________________$ 1,200,000________________ ( H A R T NO. 2 G overnm ent Bonds Issue M aturity T axable or P ar. Val. Book Non-taxable Cert. Ind. 5/8% 2/1/43 Taxable $ 75,000 100 T reas. 2%s 1949/53 Non-taxable $275,000 100-8 Yield Cost Sold .65 2.46 100-14 Northwestern Banker February Î9't3 14 N ew s a n d V ie w s O F THE B A N K IN G W O R L D By Clifford DePuy r R A N K D. W IL LIA M S, p resid en t of I th e F irs t C apital N ational B ank of Iow a City, in a le tte r to us, said, “M any tim es som eon e’s effort is ap preciated but overlooked. H ow ever, I w an t to drop you a lin e congratulat in g you on your editorial, w h ich ap peared in the January issu e of the N orthw estern B a n ker , ‘W ho B u ilt A m erica, A n yw ay?’ ” The H oof and H orn R e sta u ra n t in St. Joe, M issouri, w as given th a t nam e in 1934 alth o u g h th e re has alw ays been a re s ta u ra n t on th a t co rn er for about 40 years. The Hoof and H o rn is located in th e Stock Y ards and we had th e p leasure of hav in g R ay W. Snyder, cashier of th e F irs t St. Joseph Stock Y ards B ank tak e luncheon w ith us w h en we w ere th e re recently. Ray, incidentally, has been w ith th e F irs t St. Jo seph Stock Y ards B ank for 25 y ears and his b an k on th e last call had deposits of over $8,178,000. R oland C. Irvine, vice p resid en t of The Chase N ational B ank of N ew Y ork sen t us a v ery good negro sto ry th e o ther day and in his le tte r to th e N orthw estern B a n ker , R oland said, “E v en th o u g h you live up in th a t Yankee N o rth w est country, I th o u g h t you w ould be in te re ste d in th e a t tached, w hich ap peared in th e N ew Y o rk W orld-Telegram th e o th er eve n ing and w hich happened to appeal to m y A rk an sas sense of hum or. “K now ing full w ell th a t you also are sim ilarly gifted, I am tak in g th e lib erty of passing it along to you.” And, h ere is th e story: A w orried N egro w alk ed in to the office of F rank Sturm , A rea R en t Control A dm inis trator in M em phis, Tenn., and asked if anyone could tell him w ho his landlord w as. “Your landlord,” a clerk told him , “is the m an you pay rent to.” “I don’t pay no rent,” the negro said. “You see, ’bout n in e years ago I found m e a h ouse vacant and m oved in. I been there ever sin ce and ain ’ n ev er paid no ren t.” “W ell th en ,” said the clerk, “w hat are you w orryin g about? You have no com plaint.” “Y assuh, I k n ow s dat. B u t if som e body don’ fix dat roof I ’m gonna m ove out.” Norlhwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 Fred AY. Thom as, vice p resident of th e F irs t N ational B ank of Omaha sen t us th eir b an k statem en t for D ecem ber 31, 1942, and th e deposits of his fine in stitu tio n w ere $50,332,000. T he capital is $1,500,000 and th e su r plus and reserves are $1,726,000. Loans and D iscounts w ere $13,136,000, U nited States Bonds w ere $14,503,000 and cash and in banks am ounted to over $17,000,000. E. G. D oughm an, p resid en t of the S tate B ank of Bussey, had deposits on D ecem ber 31, 1942, of $333,418 and th e y have invested 30.9% of th e ir deposits in W ar Bonds. T his is cer tain ly a v ery fine record. W ill A. Lane, p resid en t of the S ecurity Savings B ank of M arshall tow n, has been reappointed to th e B oard of R egents of th e G raduate School of B anking and has also been new ly appointed to th e executive com m ittee, w hich is com posed of 3 m em bers of th e board. T his appoint m e n t w as m ade by W . L. H em ingw ay, p resid en t of th e A m erican B ankers Association. N ot long ago w e w ere asked to speak before th e N ational Com m ittee for M usic A ppreciation, and tell w hy we liked m usic and th e follow ing five points w ere th e reasons we gave— m aybe th ey are y o u r reasons too: 1. I L ike M usic B ecause It is NonP olitical. I do not h ave to take sides. I on ly have to respond to the m oods of a L u dw ig B eeth o v en or an Irvin g Berlin. 2. I L ike M usic B ecau se It M akes Me F orget. F orget H itler’s h ell of hate. F orget M u ssolini’s m adness. F o rg et the N ew D eal’s deficit as w e h asten to inflation. 3. I L ike M usic B ecau se It M akes Me R elax. It rests m y n erv es and m y m ind torn by a thousand p erp lexities of a m odern w orld gone mad seek in g pow er. 4. I L ike M usic B ecau se I K now N oth in g of H ow It Is C onstructed or W ritten , but on ly of w h a t it does and the joy that it gives. 5. I L ike M usic B ecau se It Is a U n iv ersa l Language. It is stim ulatin g, in sp irin g and beautiful in any language and I am m y ow n interpreter. E ric A. Johnson, presid en t of th e U nited States C ham ber of Commerce, has expressed th e opinion th a t he believes A m erican business m ay ex pect a p ro sp erity approaching a boom period after th e w ar. Mr. Johnson believes th a t such a period of p ro sp erity w ould last from one to five years, and d uring it th e A m erican system of free en terp rise “w ill be w on or lost.” E lm er H. M ertz, vice presid en t of th e H ayesville Savings Bank, Hayesville, Iowa, sen t th e N orthw estern B anker his statem en t for D ecem ber 31, 1942, and said, “How is th is for a tow n of 120 population?” Well, we w ill let you judge for y o u r self, b u t we th in k it is a m ighty good record, and here it is: C apital Stock . . $ 25,000 Surplus and U ndivided P r o f i t .................................... 27,000 D eposits .................................. 1,115,000 C. A. Slife, cashier of th e F a rm e rs State le tte r said, to rial B ank of H aw arden, Iowa, in a to th e N or thw estern B anker “C ongratulations on y o u r E d i in the Ja n u a ry n u m ber of th e N orthw estern B anker ‘W ho B u ilt A m erica A n y w a y .’ “No doubt a few individuals w ho becam e too pow erful th ro u g h high finance or otherw ise have at tim es appeared to act as though A m erica w as built by or belonged to them , and acted accordingly, w hich m ost likely helped b ring on th e sw ing to the left. “Now th a t th e left w ingers are in th e saddle th ey have assum ed th ey really own th e nation. Keep up your good w ork.” W eir Jepson, presid en t of th e B eth lehem N ational B ank of Bethlehem , P ennsylvania, used to live in Sioux City and grad u ated at th e U niversity of Iowa. In his last b ank statem en t th e B eth lehem N ational B ank had deposits of over $6,000,000. H. G. M orrison, cashier of th e P e te r son S tate Bank, Peterson, Iowa, has reason to be proud of the fine record his in stitu tio n has m ade in th e sale of W ar Bonds, and in a le tte r to th e N orthw estern B anker , he said: “I read w ith in terest on page 42 of th e Ja n u a ry issue of N orthw estern B anker th e splendid record m ade by Sam. R. Torgeson, Lake Mills, in re- 15 g ard to th e sale of W ar Bonds from May 1, 1941 to J a n u a ry 1, 1943, I su p pose th is is th e date he m ade th e cut off. “F ro m May 1, 1941, to J a n u a ry 1, 1943, we sold to th e public th ro u g h th is b an k th e sum of $193,925, m a tu rity value in W ar Bonds, and our de posits on Ju n e 30, 1942 w ere $465,000, or 41.7 p er cent. “H is record for bonds p u rch ased by th e b an k for its ow n account is b e tte r th a n ours, b u t p erh ap s our local de m an d w as b e tte r th a n his. A nyw ay I th in k w h a t we sell to th e public is really w h a t counts, because th e b anks w ill have to buy th e ir sh are anyw ay. “On page 44 of th e J a n u a ry issue of th e N or thw estern B anker you m en tioned th e fact th a t we w ere th ird in th e n atio n in bond sales, and our p e r centage at th a t tim e w as 30.4. Since th e n a few o th er b anks have rep o rted larg er percentages, b u t I th in k you w ill find we are ju s t about first in th e state of Iow a and m aybe about fifth or six th in th e n atio n of th e b an k s re p o rtin g 10 p er cent and m ore of sales.” N. E. K elley, cashier of th e F a rm e rs and M erchants State B ank of W interset, p ublished a v ery a ttra c tiv e a d v er tisem en t in th e W in terset N ew s, a n nouncing th a t, “Com bined deposits and capital of th e F a rm e rs and M er ch an ts State B ank is now fa r in excess of an y b ank in th e h isto ry of M adison C ounty.” The figure as of D ecem ber 31, 1942, for to tal deposits, capital s u r plus and undivided profits exceeded $2,000,000, and fu rth e r on in th e ad v ertisem en t, it said, “W e have come a long w ay since th is b ank w as o r ganized in th a t d ro u g h t y e a r of 1934 —from a v ery sm all b an k w ith only one place of business to a $2,000,000 in stitu tio n .” The o th er officers include E. E. D rake, president, J. A. R am sey, vice presid en t, and J. W . McKee, a ssista n t cashier, in addition to N. E. K elley, cashier. I said, “No, I feel fine.” H e asked me w here I w as born and I said, “P itts burgh.” Then he said, “W hen did you first see the ligh t of day?” I said, “W hen w e m oved to P hiladelp hia.” H e asked m e how old I Avas, so I told him 23, the first of Septem ber. He said, “The first of Septem ber you w ill be in A ustralia and that w ill be the end of A u gu st.” A v e te rin a ry sta rte d to exam ine me. He asked me if I ever had th e m easles, sm all pox or St. V itus dance, and did I ever take fits. I said “No, only w hen I stayed in a saloon too long.” T hen he said, “Can you see all rig h t? ” I said, “Sure, b u t I ’ll be cockeyed to n ig h t if I pass.” T he doc to r said he had exam ined 150,000 m en b u t th a t I w as th e m ost perfect ph y si cal w reck he had ever seen. T hen he h anded me a Class “A” card. I w en t to cam p and I g u ess th ey didn’t th in k I ’d liv e long. The first fello w I saw w rote on m y card “F ly ing Corps.” I w en t a little fu rth er and som e gu y said, “Look w h at the w in d ’s b low in g in .” I said, “W ind noth ing, the draft’s doing it.” On th e second m o rning th ey p u t th ese clothes on me. W h at an outfit! As soon as y o u ’re in it, you can fight anybody. T hey had tw o sizes—too sm all and too large. The p an ts are so tight, I can ’t sit down. The shoes are so big, I tu rn e d aro u n d th ree tim es and th ey did n ’t move. I passed an officer all dressed up w ith a fancy b elt and. all th a t stuff. He said, call ing afte r me, “D idn’t you notice my u n iform w hen you passed?” I said, “Yes, b u t w h a t are you kicking about, look w h at th ey gave m e.” I landed in cam p w ith $75, and in ten m inutes I w as broke. I nev er saw so m any 3’s and 12’s on a p air of dice. No m a tte r w h at I did I w en t broke. Som ething w as w rong, even in cards. I got 5 aces one tim e and I w as afraid to bid. It w as a good th in g I d idn’t because th e fellow n ex t to m e had 6 kings. F inally, I said, “This poker gam e is crooked.” The fellow n ex t to me said, “W e’re playing pi nochle.” E v ery th in g w as crazy. If you w ere a w atchm an, you w ere m ade an officer of th e day. If you w ere a livery hand, you w ere p u t in th e m edical d ep art m ent. I saw a guy w ith a w ooden leg and I said to him , “W hat are you doing in th e A rm y?” He said he w as going to m ash potatoes. Oh, it w as nice! Five below zero one m orning, th ey called us out for u n d erw ear inspection. You talk about scenery—red flannels, B.V.D.’s—all kinds. The union su it I had on w ould fit Tony Galento. The L ieu ten an t lined us up and told me to stan d up. I said, “I am up, this u n d erw ear m akes you th in k I ’m sittin g dow n.” A little later I w as digging ditches. Soon, he passed and said, “D on’t th ro w th a t d irt up h ere.” I said, “W here w ill I p u t it?” H e said, “Dig an o th er hole and p u t it in th e re .” T hree days la te r we sailed for A us tralia. M arching dow n to th e pier, I (T u rn to page 46, please) “ Give Them the Tools to Finish the Job — BUY W A R B O N D S " T his is th e sto ry of how A ugu st Childs joined th e arm y, and w as sen t to us by one of our b a n k e r friends. W e hope it w ill give you a laugh. I am one of th e fellow s w ho w ill m ake th e w orld safe for dem ocracy. I fought and fought, b u t I h ad to go anyw ay. I w as called in Class “A ”. The n e x t tim e I w a n t to be in Class “B ”—BE h ere w hen th e y go and BE here w hen th ey come back. T rem em ber w h en I registered . I w en t up to a desk and the gu y in charge w as m y m ilkm an. H e said, “W h at’s you r nam e?” I said, “You k now m y n am e.” “Are you alien ?” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The photo m ural shown above occupies a space of 43 fe e t by 13 feet a t the end of th e m ain b an k in g lobby of th e N orth w estern N atio n al B ank of M inneapolis. This m ural was purchased in New Y ork by John Burgess, vice president of the bank, and depicts th e various w ar ac tiv itie s in every b ranch of the A m erican service and is a ttra c tin g a g re a t deal of fav o rab le comment among all those who view it in th e bank. The lig h tin g arran g em ent has been planned so th a t th ere is no glare or reflection as you view the picture. Northwestern Banker February 1943 W ith No Ready Market, How Is Market Value of Stocks Established? HORNTON gave to his son certain sh ares of stock in a com pany ru n by him. The tra n sa c tio n w as such th a t it w as subject to the F ederal gift tax. T here w as no ready m a rk e t for th e stock and th e testim o n y of certain ex perts w as p resen ted to th e tax a u th o rities as to its value. W ere th e tax auth o rities bound to observe solely th a t testim ony in arriv in g a t a v alu a tion? These and Other Timely Legal No. W here stock is sou gh t to be valued for g ift tax p urposes and has no ready m arket value, testim on y of exp erts w ith resp ect to its m arket valu e is not con clu sive on the taxin g au th orities. They m ay, in arrivin g at value, con sid er other factors such as the earning p ow er of the stock. a landlord that it w ould be u n n eces sary to serve the notice to vacate, made arrangem ents for the rem oval of h is property and perm itted a pur ch aser from the landlord to do fall plow ing. T A d efault occurred on a m ortgage bond issue on a large a p a rtm e n t house in Chicago, Illinois. The tr u s t deed securing the bonds w as foreclosed. In ordering th e foreclosure th e co u rt di rected th at, if the p ro p erty w as bought by th e b ondholders’ com m ittee, bonds offered by th e bidder could be accepted in lieu of cash. The tr u s t deed p ro vided th e p ro p erty should be sold for cash. W as th e cou rt order valid? Yes. In foreclosure sales the court acts for the b est in terests of all parties and m ay disregard p rovision s in trust deeds con cern in g the m anner of bid ding at such sales. G enerally speaking, u n d er Iow a law, w hen a farm is leased for a y e a r the tenan cy continues for th e follow ing crop y ear u n d e r th e term s of the original lease unless w ritte n notice of term in atio n is given by e ith e r p arty not la te r th a n N ovem ber 1. It is pos sible for a te n a n t to w aive his rig h ts to such notice and th e re b y preclude him self from assertin g he m ay con tin u e to occupy th e prem ises for th e additional year? Yes. It is possible for ten an ts to w a ive service of notice as required by statu te according to a recent Iow a Suprem e Court decision. The case in w iiich such d ecision w as handed dow n in v o lved a situation w h ere ten ant told https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Questions Are Answered By the LEG A L D EPA RTM EN T A N orth D akota county procured a ta x deed to certain land there. The p ro p erty w as subsequently offered for sale as req u ired by sta tu te and w as duly bid in as req u ired by law. The bid w as accepted. W as all rig h t of re dem ption cut off by such action? Yes. The rules g o vern in g statutory sales such as tax sales are analagous to th e rules g o vern in g auction sales. On any such sales the contract be com es com plete w h en th e bid is ac cepted. The sale of property acquired by a county through a tax deed by the acceptance of a valid bid therefor cuts off the righ t of redem ption. A South D akota b ank bro u g h t a su it on a prom issory note in th a t state. The note had been signed by the m ak er several years before and a dis pu te arose as to w h eth er the tw entyy ear sta tu te of lim itations, w hich ap plies on sealed in stru m en ts, w as appli cable. T he note contained th e w ord “Seal” in brackets im m ediately fol low ing the m a k e r’s nam e. Should it be considered a sealed in stru m en t? Yes. In a recent d ecision the South Dakota Suprem e Court held that a note b earing the w ord “S eal” in brack ets im m ediately fo llo w in g the line on w hich appeared the m aker’s signature is a sealed in stru m en t su bject to the tw enty-year statu te of lim itations. It is a general rule th a t am biguities in sta tu tes im posing taxes are to be resolved in favor of a taxpayer. The m a tte r of w h eth er this general ru le is applicable to deductions w as re cently before th e M innesota Suprem e Court. W ould you say th a t such court held th e general ru le applicable to de ductions? The court held the gen eral rule not applicable in the case of deductions and stated that the rule that am bigu i ties in sta tu tes im posing taxes are to be resolved in favor of taxpayers does not apply to deductions w hich are a l low able on ly w h en p lain ly authorized. AValker, an A rkansas banker, w as forced to undergo a serious operation. Before doing so, he handed to his dau g h ter a black box th a t contained certain bonds payable to bearer and told h er th a t if he never came back from the hospital every th in g th erein w as hers. W alker recovered from the operation and resum ed a norm al life in w hich he treated w ith th e contents of the black box as though th ey w ere his own. Subsequently, he died of p n eu m onia. Did the contents of the black box pass to his estate? Yes. The gift of the black box by W alker to his daughter w as a gift causa m ortis, w hich w as revoked by bis return from the h ospital. W hen a gift causa m ortis is m ade during sick ness, it is essen tial, in order to perfect it and prevent a revocation, that the donor should die of the v ery sam e sick n ess from w hich he w as th en suffering, and there should be no in terv en in g recovery betw een the illn ess and bis final death. A N ebraska b an k er m ade application for certain life in su ran ce w hich w as u ltim ately issued to him. In th e n e gotiations the insurance salesm an and exam ining physician in serted certain im proper answ ers to questions in the application w ith o u t the know ledge or consent of th e banker. W ere they binding on him? No. In n egotiation s to procure life insurance, the solicitor and the ex am ining p hysician are agen ts of the insured and m isstatem en ts in serted by them in an sw er to q uestions in the (T u rn to page 68, please) 17 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker February 1943 18 A Chicago Banker’s W ife W rites PoCtttS for the Pleasure of Children— and Herself Fredrika Shumway Smith, the wife of Solomon A. Smith, President of the North ern Trust Company, Chicago, started writing poems for her own children and grand children a number of years ago, and in 1941 her friends persuaded her to put these poems in book form. Then again in 1942 another group was published. The editor of The Northwestern Banker was so interested in what Mrs. Solomon A. Smith had done, that he asked J. Mills Easton, Second Vice President of the Northern Trust Company, to prepare a story about Mrs. Smith's literary success, and select some of the poems she considers her favorites. M ANY book lovers w ho have been a ttra c te d to “The H ouse in the T ree” and “The Magic Sta irw a y” w ritte n by F re d rik a Shum w ay Sm ith have enjoyed th ese collections of poem s w ith o u t know ing th e y w ere from th e pen of th e w ife or a pro m i n e n t Chicago banker. F re d rik a Shum w ay Sm ith is th e w ife of Solomon A. Sm ith, p resid en t of T he N o rth e rn T ru s t Com pany, Chicago. Two of h er sons likew ise are connected w ith th e bank, Solomon B yron Sm ith, Vice P resid e n t and D irector, and E d w ard B yron Sm ith, a Second Vice P re si dent, now on leave of absence since F e b ru a ry 2, 1942, to serve as D eputy A dm in istrato r, Illinois W ar Savings Staff, T re a su ry D epartm ent. In ad d i tion, th e Sm ith fam ily consists of tw o dau g h ters and ten g randchildren. Mrs. Sm ith long h ad w ritte n verse for th e am u sem en t of h e r child ren and grandch ild ren , b u t not u n til th e sum m er of 1941 had she given th o u g h t to collecting and p ublishing th e poem s th a t h ad b ro u g h t so m uch pleasu re to those in h e r im m ediate fam ily. P re vailed upon by frien d s w ho knew of h e r avocation, she sp en t several m on th s w ritin g new v erse and re w ritin g fo rm er poem s for a collection to be called, “The H ouse in the Tree.” This a ttra c tiv e book of approxim ately eigh ty poem s w as p ublished in Decem ber, 1941, th e en tire first edition selling out com pletely in ten d ay s’ tim e. A second and larg er edition w as im m edi ately p rin te d for C hristm as selling. “The H ouse in the T ree” w as illu s tra t ed by Salcia Bahnc, an in te rn a tio n a lly know n artist. C h risto p h er Morley, N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 F R E D R IK A S H U M W A Y S M IT H W i f e o f S o lo m o n A . S m i t h , P r e s id e n t o f T h e N o r th e r n T r u s t C o m p a n y , C h ic a g o , a n d a u th o r o f “ T h e H o u s e in th e T r e e ” a n d “ T h e M a g ic S t a i r w a y ” V incent S tarrett, H elen B ird P ettee and o ther w rite rs appraised th e book enthusiastically. F o r h er second book of poems, Mrs. Sm ith again took for h er subject those sim ple th in g s th a t n ot only tra n sp o rt child ren into a m agic w orld b u t are w ith in th e ir every day experience. T itled “The Magic Stairw ay,” and pub lished by Alliance, th is book likew ise m et w ith an in stan tan eo u s accept ance. It w as illu strated w ith large full color and black and w hite draw ings by one of Chicago’s pro m in en t a rtists, F ridolf Johnson. Its jack et an d th e container both carry a colorful illus tra tio n of a m agic stairw ay an escalator ascending up and up th ro u g h a b rillian t w onderland. The publishing of books Mrs. Sm ith has found to be not ju s t th e tu rn in g over of a m an u scrip t to h e r publishers. T here is th e necessary editing and th e n th e rew riting, attendance a t au to g rap h ing teas in bookstores and book sec tions of d e p artm en t stores, radio in terview s and various lite ra ry lu n ch eons and gatherings. T here is artw o rk to approve; proofs to okey. A nd all th e tim e th e re are new ideas nibbling aw ay th a t m u st be cap tu red and set dow n on p aper for fu tu re books. Mrs. Sm ith has selected the follow ing poem as one of h e r favorites. I t had its in sp iratio n in a story by V incent S ta rre tt and she w rote th e poem in an atte m p t to express h er appreciation of Mr. S ta rre tt’s com plim ents paid upon a reading of h er first book: T H E CASTAW AY I ’d like to be a castaw ay A nd liv e upon a beach A nd w atch th e steam ers p assin g by But far off out of reach. I ’d build a little bam boo hut W ith roof that w ould not fall, A nd it the n atives stared at me I w o u ld n ’t m ind at all. I ’d liv e on scram bled turtle eggs A nd also nice bread fruit, A nd if th e days Avere v e r y warm I Avould n o t Avear a su it. 19 The castaw ays live happy liv es On island s far aw ay, I w ish th at I m ight h ave a chance To go there, too, som e day. O ther poem s w hich are am ong th e favorites of Mrs. Sm ith include th e following: T H E SE A SID E H O U SE The su m m er days are grow in g short A nd very soon I k n ow W e’ll h ave to leave the su n n y beach The boats w e love to row . W here w e can sail and sw im all day Oh! th a t’s the place to be. H e gave a w h istle of relief And really w as delighted. But soon w e m ust go hack to school To learn th in g s stran ge and n ew . P lease w a it there little seaside house For w e ’ll com e back to you. B E IN G T H E W IN D H ow w ould you lik e to be the w ind And w h istle dow n the street And m ove so fa st y o u ’d get ahead Of everyon e you m eet? B R A V E T IT T L E E N G IN E The little en gin e said, I ’m brave, A nd puffed sm oke from h is fun nel, But sh ivered ju st a little hit W hen he w en t through a tun nel. A nd w hen lie crossed a railroad bridge H igh up above a river, H e sh ut h is iron teeth real tig h t And didn’t even quiver; Our fish in g rods, our rubber rafts, The m usic box w e play, W ill soon he used ju st one m ore tim e T hen safely packed aw ay. W e love th e little seasid e house It’s on th e sandy shore A nd tin y w a v elets often run R ight up to our fron t door. AVe w ish th at w e m ight alw ays live B esid e th e sh in in g sea A nd w h en at la st far dow n the track A little tow n he sighted, A nd then y o u ’d have a chance to fly, But you w ould not need w in gs, B ecause you could go every w h ere , A nd see all kinds of thin gs. It has been in terestin g to h e r fam ily and friends th a t Mrs. S m ith should em ploy h er ta le n t in th e production of tw o books, w hen th a t tale n t had h ere tofore been devoted en tirely to those w ho com prised h e r household. A nd to h e r th ere has been pleasure in th u s extending th e joy to o th er children w hich h e r children and g ran d ch ild ren had appreciated so deeply. A Systematic Plan for the Purchase of Governments (C ontinued from page 13) bonds m a tu rin g and o th er y ears th a t have too m an y bonds m a tu rin g d u rin g th a t p a rtic u la r year. In o th er w ords, m a tu ritie s w ill n o t be evenly spaced e ith e r in y ears or to tal am o u n t due each year. C h art No. 2 illu stra te s th e file th a t Mr. Tootle em ploys to keep an accu ra te reco rd of his g o v ern m en t secu rity pu rch ases an d sales. T his file is of th e v isual card type, kn o w n as Recordex, each card h av in g eig h t head ings—Issue, M aturity, T axable or Nontaxable, etc., as show n in C h art No. 2, and is of sufficient d ep th to allow for 17 en tries. T he cards are arran g ed one above th e other, overlapping, w ith ab o u t one-half inch at th e bottom of each card visible. T h ere is one card for each m a tu rity y ear. T he y e a r ap p ears on th e visible p o rtio n on th e ex tre m e left h an d bottom co rn er of the card. W hile th e y have no referen ce to th e holdings of T he Tootle-Lacy N a tional B ank, tw o e n trie s are illu stra te d in C h art No. 2. A fter y o u r issues are listed in th e ir co rrect m a tu rity order, you w ill be able to tell a t a glance w h a t buying, selling or re a rra n g in g is https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis necessary to get th e account on a p e r m a n en t basis as Mr. Tootle has done. I t is h ard ly possible th a t you can ac com plish th is im m ediately. I t m ay tak e several m onths or several years, b u t w hen you have established an ob jective, you know w h a t to w ork tow ards. T he im p o rtan t th in g is to get started. A ssum ing you have set up y o u r card file and listed yo u r m a tu rity dates an d th e o th er necessary inform ation, y o u r n ex t problem is th a t of selling or buying or vice versa. H ow ever, you are now in a position to handle y o u r go v ern m en t secu rity account in a system atized m an n er and not ih a h a p h azard fashion w hich lack of a plan w ould impose. E ach year, as y o u r holdings are paid off, you should im m ediately re-invest th is am o u n t in an o th er issue m atu rin g in tw elve years, follow ing yo u r tw elve-year in v estm en t plan. F o r th e system to function sm oothly and of course to re ta in all possible yield, re-invest th e sam e day, if possible. Y our record w ill tell you in advance w h a t th e m a tu rity dates are so you can be plan n in g ahead of tim e on w h a t y o u r purchases w ill be. H ere is a w ord of caution from Mr. Tootle—under n o circum stances buy or trade, in or out, of any of the se cu rities in th is perm anent fund. If you have set up th is p erm an en t fund properly, you have p u t a g reat deal of th o u g h t and effort into it and th e m om ent you deviate from th e system or plan you have established, even in one item , you have jeopardized th e objective to w ard w hich you have been w orking. W ith inflated deposits, b an k ers are divided on th e question of w h eth er th ey should in v est in long te rm or sh o rt te rm securities. S hort te rm securities are considered one to five years; m edium te rm five to ten years; and a n y th in g above th a t is u s ually considered long term . Mr. Tootle stated th a t th e plan of a p erm an en t revolving fund w as n o th ing new —th a t th e insu ran ce com panies have been using it for years and th a t by in v estin g a certain portion of th e ir funds each y e a r a t th e p rev ail ing rates gave th em over a period of y ears an average of a v ery fa ir re tu rn . Northwestern Banker February 19b3 20 DP! UP! UP! O u r c o n siste n t clim b, y e a r a fte r y e a r, to a n e n v ia b le p o sitio n in th e A u to m o b ile a n d P ro p e rty In s u ra n c e field is d u e in g r e a t m e a s u re to th e se four fu n d a m e n ta l p rin ciples: (1) Efficient M a n a g e m e n t, (2) C o m p le te P ro tec tio n for th e In su re d , (3) S u b s ta n tia l S a v in g s for th e In su re d , (4) S o u n d A g e n c y O rg a n iz a tio n . W e a r e p ro u d of o u r a g e n ts a n d th e ir u n selfish se rv ic e w h ic h h a s b u ilt g o o d w ill a n d p re s tig e a m o n g a n e v e r-in c re a s in g list of sa tisfie d p o lic y h o ld e rs. RECORD OF PROGRESS FOR 1942 LIABILITIES ASSETS C ash (in gu aran teed b a n k s)..........................................$224,008.72 Current Bills .......................................................................$ U. S. Bonds (market v a lu e )........................................... 236,711.86 E m p loyees Bond A ccou n t.............................................. 314.89 348.42 M unicipal Bonds (market v a lu e ) ................................ 3,000.00 Current R einsurance Prem ium s................................ 5,108.13 Building an d Loan S h a r e s........................................... 16,000.00 R eserve for T a x e s .......................................................... 11,528.04 R eserve for U nearned P rem ium s............................. 339,731.11 Real Estate O w n e d ......................................................... 3,000.00 First M ortgages (none d elin q u en t)............................ 76,318.86 R eserve for Unpaid L o sse s......................................... 39,808.98 Due from A gen ts (current b a la n c e s )......................... 61,916.18 A dditional R eserve account Sched u le P ............... 24,700.00 Due from Reinsuring C om p an ies.............................. 208.14 A ccrued Interest on In vestm en ts.............................. 3,677.73 C ash V a lu e of Life In su ran ce..................................... 11,031.57 Surplus ............................................................... 214,333.49 $635,873.06 $635,873.06 Western Mutual FIRE INSURANCE COMPANY N in th and Grand Des M oines, Iowa “Over a Third o f a Century o f Safety and Service with Savings.” Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 1943 Can Be A n BxCßUßUt Year "It Is the Agent With Whom the Final Decision Rests as to W hat Kind of a Year 1943 Will Be, Both for Himself and for the Companies H E S E are days of u n c e rta in ty and rap id change, b u t change an d prog ress go h an d in hand, and we a t A m erican A uto feel th a t 1943 can be an excellent y e a r for th e alert, agg res sive, sm a rt in su ran ce ag en t—or can be a v ery bad one for th e inefficient and unim aginative. R ate levels gen erally are lowered, au to m atically reducing th e a g e n t’s in come. T h ere are m oto rists w ho w ill lay up th e ir cars for th e d uration. The w ar has rem oved some business from th e reach of th e local agent. On the o th er hand, we are fo rtu n a te in th a t we have an u n ra tio n e d product, th e need for w hich w as nev er before g re a t er, and now often available a t low er cost. N ationw ide gasoline ratio n in g has in su red an indefinite continuance of autom obile in su ran ce custom ers and prospects. T he w ar has p u t m ore m oney into circulation and has created m an y new m a rk e ts and o p p o rtu n ities for agents. T hese changed conditions m u st be recognized, appraised, and the course of th e good ship “In su ran ce S alesm an sh ip ” ch arted accordingly. T he p ro d u cer w ho, w ith an eye to th e fu tu re, m akes th e m ost of his c u r re n t opportunities, m ay w ell look back on th is period th ro u g h w hich w e are now passing as one d u rin g w hich th e com plexion of his business changed for th e b e tte r to an ex ten t n ev er possible du rin g norm al tim es. W hile th e in come of m an y ag en ts m ay drop—we say m a y —th e re is a hereto fo re u n paralleled o p p o rtu n ity for th e sale of additional lines of coverage to c u rre n t clients. T his w ill have th e pleasan t effect of helping keep up to d ay ’s in come, b u t of g re a te r im portance in th e T By C . S. Cotsw orth SOME DONTS S uperintendent of Agents A m e r i c a n A u t o m o b ile Ins. C o. S t. Louis For those that can do long run, the m ost solid foundation of all is being wedged u n d er the agency —g re a te r diversification of lines. R ecently our com pany announced its com prehensive personal liability and autom obile policy. U nder th is single policy m ay be w ritte n all autom obile coverages and, in addition, residence and personal liability protection. The reception already accorded this policy in all p a rts of th e co u n try d u ring th e sh o rt tim e it has been in the hands of our agents has proved beyond all doubt th a t the A m erican public is now ready and w illing to buy lines of cover age heretofore sold only in isolated in stances. In stead of pocketing th e dif ference betw een last y e a r’s cost for a certain coverage and th is y e a r’s low er figure, th e average in sured w ill convert th is savings, and often m ore besides, into broader or additional protection. In th e last analysis it is th e local agent w ith w hom th e final decision rests as to w h at kind of a y ear 1943 w ill be, both for him self and for the com panies. A fter reading th e rem ark s of tw elve rep resen tativ e local agents in th e D ecem ber issue of th e U nder w riters R e v iew , we cannat possibly sum m on up an y th in g b u t optim ism . W e have confidence in th e local agent, his resourcefulness and ability. We, the com panies, can and w ill fu rn ish th e am m unition b u t it is th e agent in th e field w ho m u st fire th e gun. We feel confident th a t he will. C harles A. Brown, fire special ag en t for F ire m a n ’s F u n d in Sacram ento, California, cautions th e follow ing in The R ecord; D on’t read th is if you don’t w an t to sell m ore insurance. D on’t let y o u r prospect sell you. T his not only loses th e sale b u t also w eakens yo u r punch w ith y o u r next prospect. Don’t listen (too long) to a pessim is tic discussion, an arm ch air w ar arg u m ent or a h a rd luck story. D on’t look too long or too h ard a t the com m ission you w ill m ake if you do m ake th e sale. M ake a friend of y o u r prospect first, th en it w ill be easier to m ake a client out of him. D on’t let y o u r client buy insurance from you. D on’t let him tell you w h at he w ants. You know insurance, it’s up to you to sell him th e coverage he needs. Don’t be afraid to tell y o u r client th a t you don’t w an t to w rite his busi ness. E xplain to him th a t th e w ay he w an ts it w ritte n is not correct for his protection and you do not w an t to be a p a rty to any difficulty in case of loss. It is y o u r job to w rite his insurance and also to tak e care of his in terests w hen losses occur. D on’t half sell a prospect. You w ouldn’t buy a su it of clothes w ith o u t pants, w ould you? Go all out, espe cially now. D on’t w aste tim e sym pathizing w ith a policyholder w ho has been forced out of business th ro u g h w ar conditions. F ind a new prospect in th e m an w ho S c a r b o r o u g h ^ C o m pa n y r /n ò u 'í44.tu'i Cwvn&efoïô,/teS B a tk í First N ational Bank Building, C hicago https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Horace A. Smith, Iow a R epresentative Des M oines, Iow a Northwestern Banker February Î943 22 has ju s t been p u t into business by th ese sam e w a r adju stm en ts. D on’t w rite a policy w ith a prem ium less th a n $5—unless you have o th er policies for th e sam e policyholder. You can ’t afford to service a line th a t small. T his client m u st have m ore in su ran ce th a n th at; if it is n o t now w ritte n by you, w h y not? D on’t—D on’t (tw o d o n ’ts because th is is im p o rtan t) m ail a ren ew al of an expirin g policy to an y client. All fo r m er policies w ere w ritte n a t am ounts based on rep lacem en t u n d e r o rd in ary conditions. C onditions today are a n y th in g b u t norm al or o rdinary. M ake a personal solicitation of each ren ew al and ta lk w artim e rep lacem en t costs. Don’t overlook th e m an w ho w ears th e overalls and packs th e lu n ch pail; th is m an is in th e m a rk e t for insurance. He has alw ays ow ned a car, household fu rn itu re and o th er in su rab le p ro p erty or in terests, b u t could n o t h ith e rto pay a prem ium . He can now. H e m ay be m aking an average of $75 a w eek in w a r in d ustry. If you don’t believe th is statem ent, check up on some of the w ar in d u strial payrolls or b ank debits. T his m an needs th e protection of in surance. Surplus Increased A t th e an n u al m eeting of th e M er ch an ts M utual Bonding Com pany of Des Moines, all officers w ere reelected. M erle O. M illigan, Des M oines real estate dealer, is president; R ay Y enter, vice president, and E lm er H. W arner, secretary-treasurer. S ecretary W arn er rep o rts th e com p any experienced some nice gains last year, w ith an increase of m ore th a n five th o u san d dollars in surplus. S urplus is now $37,995. 50th Annual Meeting The F arm ers M utual H ail In su ran ce Com pany of Iow a held its 50th a n n u al m eeting last w eek in Des Moines and reelected all officers. Carl P. R utledge is president, and o th er of ficers include R. T. Rutledge, vice president, W. A. R utledge, secretary, F. O. R utledge, a ssistan t secretary, W. S. R utledge, tre a su re r, and P e rry Rutledge, ch airm an of th e board. The F a rm e rs M utual H ail Insu ran ce Com pany has attain ed a unique place in in su ran ce circles. It w as o rgan ized in 1893 by a group of farm ers in Sac County, Iowa, for th e purpose of w ritin g hail insurance. Today th e com pany w rites hail, FINANCIAL STATEMENT of MINNESOTA COMMERCIAL M EN’S ASSOCIATION December 31, 1942 RESOURCES % 40.5 18.3 19.2 0.8 4.1 $131,048.23 59,180.00 62,274.50 2,640.00 13,325.00 5.5 2.9 0.4 17,718.62 9,264.89 1,350.01 1.0 1.9 5.4 3,192.50 6,100.73 17,400.00 TOTAL .................................... ....... 100.0 $323,494.48 C ash ........................................ ...... U. S. G overnm ent Bonds...... ...... M unicipal Bonds ................... ...... Public Utility B onds............... ...... R ailroad Bonds ..................... ....... Endowm ents, C urrent C ash V alue .................................... ...... O ther Secured D eposits...... ....... Interest R eceivable ...................... A d v an ce P aym ents by M em bers ..................................... First M ortgage L oans.......... ...... R eal Estate (Office Building)..... LIABILITIES D isability C laim s A w aiting Proofs..... ....$ 11,100.00 Death C laim s A w aiting Proofs........... .... 5,000.00 U nearned A ssessm ents ...................... .... 3,192.50 1,390.48 R eserve for Taxes, Bills, Etc..................... RESERVE FOR PROTECTION OF MEMBERS ........................................... .... 302,811.50 TOTAL ..........................................................$323,494.48 Bankers constitute, perh ap s, the larg est group of our m em bership. W e ap p reciate this confidence an d invite others to secure this sound a n d liberal protection. For application blan k s or other inform ation write PAUL CLEMENT, S e c re ta ry 2550 Pillsbury Ave. M inneapolis, M innesota N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b3 23 IMPORTANT to BANKERS M ar Bam age Corporation RUTLEDGE FAMILY DIRECTS FARMERS MUTUAL HAIL Above are shown th e seven d irectors of the F arm ers M utual H ail Insurance Company of Iow a, a t th e ir 50th annual m eeting la st m onth in Des Moines. They are: (S eated) L e ft to rig h t, Carl P. Rutledge and R. T. Rutledge. (S tan d in g ) L e ft to rig h t, R. O. Rutledge, Perry Rutledge, Max D. Rutledge, John W. Rut ledge and W. S. Rutledge. autom obile, fire an d w ind sto rm in surance, and financially is one of th e stro n g est organizations of its k ind in th e country. It is licensed in ten states including Iowa, N ebraska, Illinois, Indian a, Ohio, K ansas, Colo rado, W isconsin, M issouri, an d South D akota. A t last m o n th ’s golden an n iv e rsa ry m eeting, P re sid e n t Carl P. R utledge rep o rted th a t 1942 w as th e com pany’s larg est y e a r in its 50 y e a rs’ history. I t paid out m ore th a n a m illion dol lars in losses d u rin g th e p ast tw elve m o n th s w ith hail dam age in Iow a and N ebraska especially heavy. A ssets and su rp lu s of th e com pany both show ed su b sta n tia l gains. Total assets are now in excess of $1,800,000. D uring th e fifty y ears of its ex ist ence, th e com pany has been co n tin u ously u n d e r th e sam e m anagem ent. O. B. M cKinney, Denver, Colorado; H. F. Gross, Des Moines; R. Lloyd Young, Oelwein, Iowa, and R. J. Sullivan, New H am pton, Iowa. Gain in Assets All officers w ere reelected and 1942 w as rep o rted as th e m ost successful in th e h isto ry of th e firm w hen th e a n n u al m eeting of policyholders of th e E m ployers M utual C asualty Co. w as held. Jo h n W. G unn w as reelected p resi dent; Jo h n F. H ynes, vice presid en t and secretary; W. Z. Proctor, general counsel. D irectors are Gunn, Proctor, Dr. L. E. Kelley, G. E. P atterson, and O. B. M cKinney, D enver, Colorado. H. A. W atson and H. V. M ulligan w ere reappointed a ssistan t tre a su re r and M. J. W ilkinson, su p erin ten d en t of agents. G unn rep o rted a gain in assets to Jones Reelected $5,802,147, or $750,000 m ore th a n last B. Rees Jones w as reelected p re si year. S urplus and contingency funds d e n t of th e T ow n M utual D w elling In to tal $1,485,252, or $385,252 over the su ran ce Com pany, a t th e fiftieth a n 1941 total. n u al m eeting, celebrating th e com T he com pany w rites autom obile, p a n y ’s golden an n iv ersary , a t th e w o rk m en ’s com pensation, public lia hom e office in Des Moines. bility, plate glass, fidelity and su rety In his an n u al rep o rt, Jo n es said th e in surance in sixteen states. com pany’s fiftieth y e a r saw 572 m il lion dollars w o rth of in su ran ce in force. The re p o rt show ed assets Twentieth Year M. E. L arson and Ben Goldish, gained $158,887 d u rin g 1942, reach in g m em bers of th e W hite & Odell agency a to ta l of $2,175,579. of N o rth w estern N ational Life of The com pany’s su rp lu s also reached M inneapolis, recen tly rounded out a new high of $1,381,227, or enough to pay six y e a rs ’ norm al losses, Jones long periods of m em bership in th e com pany’s App-A-Week Club. reported. Mr. L arson, w ho operates in M inne O ther T ow n M utual officers re elected are L ester T. Jones, vice- apolis proper, passed his 20th a n n i p resident; F ra n k H. D irst, secretary, v e rsa ry in th e group—first Nw N L an d G ran t M cP herrin, tre a su re r. R e fieldm an to do so—and Mr. Goldish, elected to th e board of d irecto rs w ere w ho is w ith th e agency’s D uluth of- W AR DAM AGE INSURANCE POLICIES on Monies and Securities co v erin g eith er a t a sp e c i fie d lo c a tio n or in tra n sit again st dam age and de stru ction resu ltin g fr o m en em y attack, or action o f U. S. arm ed fo r c e in resistan ce th ereo f is now available. APPLICATIO NS fo r this new , b ro ad en ed coverage m ay b e ob tain ed fr o m A gents and B rok ers of S T . P A U L . M IN N . Authorized Fiduciary Agents for the Government Established War Dam age Corporation. N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 24 "LET’S STOP AT THE B A N K I WANT TO FILL MY FOUNTAIN PEN!" lice, reached the 1,000-week m ark. B oth m en w ere rep resen ted w ith ap p ro p riate personalized aw ards by O. J. A rnold, com pany president. Heads National Reserve H. O. Chapm an, secretary -treasu rer of th e N ational R eserve Life In surance com pany of Topeka, w as elected p resi den t of the in stitu tio n at the annual PEOPLE w ho need your bank aren’t always aware of the real bene fits you can offer them. How can you arouse their interest in a service that will net the hank a p ro fit? Take pay-as-you-go checking accounts, for instance. Does the sys tem you offer give prospective cus tomers all the features they desire? Are you using the most productive methods for building a worth-while volume of accounts? The Todd Pay-As-You-Go Check ing Account Services offer extra values which you can advertise, demonstrate and talkabout.Todd pro m otional ideas that get and hold accounts for many other banks are also available to you. Mail the coupon below and open the way to profitable checking account business for your bank. THE TODD COMPANY, Inc., Rochester, N. Y. I w o u ld lik e m o re in fo rm a tio n a b o u t th e T o d d P ay - As -You - G o C h e c k in g A c c o u n t Services a n d y o u r te sted p la n s th a t secure p ro fita b le ch e ck in g ac co u n ts fo r b an k s. B a n k N a m e _________________________________ A d d ress_____________________________________ By_________________________________ N B -2 -4 3 TM. C O M PANY, I N C . y p if f g r ROCHESTER OFFI CES IN ALL Successful Year H . O. C H A P M A N m eeting, follow ing th e resignation of H olm es Meade, p resid en t for the last four years. “The N ational R eserve has ju st closed an un u su ally successful year, show ing gains in new prem ium s pro duced in excess of 150 per cent over https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis yea st u x ith /VeujL a tto fte W ith most of our long drawn preparations behind us, the goal of victo ry seems at least in view . Meanwhile we can all do our best to lay the foundation fo r the pursuits of p eace. Keep your business contacts fresh, and your own prestige high by continuing publicity. N E W H O U S E P A P E R C O M PA N Y "Better Printing Papers" Minneapolis February 1943 The M innesota Com m ercial M en’s A ssociation has closed an o th er suc cessful year, p articu larly from the financial standpoint. Its resources have increased from $312,165 to $323,494 th e p ast year. Of its resources 40.5 p er cent is in cash w ith 18.3 per cent in U nited States G overnm ent bonds, and 19.2 per cent in m unicipal bonds. A ccording to P aul Clem ent, secre ta ry of th e com pany, b an k ers con stitu te perh ap s th e largest profes sional group in th e m em bership of the fie w - NEW YORK PR I NCI PAL CITIES Northwestern Banker the previous y ear,” P resid en t C hap m an announced. “The com pany is in an enviable position from th e sta n d point of financial stre n g th in th a t it has m ore th an 1% m illion dollars s u r plus to policyholders in addition to the reg u lar legal reserves on deposit w ith the state of K ansas.” Mr. Chapm an, w ho came to Topeka a y ear ago from Sioux Falls, South Dakota, w here, w ith his associate, S. H. W hitm er, he organized th e Policy holders’ N ational Life In su ran ce Com pany, has tak en an active p a rt in the civic and financial life of the city in the sh o rt tim e he has been a resident. The officers elected w ere: H. O. Chapm an, president; S. H. W itm er, vice p resid en t and tre a su re r; C layton E. Kline, vice presid en t and general counsel; M. B. McCaig, a ssistan t sec retary ; W. J. H arris, actu ary and sec retary ; R. E. Nelson, m anager farm and local d epartm ent; J. M. B arkes, m anager building. B arkes w as elected on th e board of directors to succeed H olm es Meade. Dubuque Des Moines Moline St. Paul 25 association. D uring th e p ast year, th e re has been a m ark ed increase in m em bers from th is p a rtic u la r class. T hro u g h th e A m erican Benefit As- Mill Owners Meeting H. B. Carson w as reelected p resi d en t of th e Mill Ow ners M utual F ire In su ran ce Co. of Iow a at the an n u al m eeting last m onth in Des Moines. Calling insurance “an essential w ar in d u stry ,” Mr. Carson told policy holders, “Our p rim ary job in 1943 is to help p rev en t resources needed for th e w ar effort from being w asted th ro u g h the w illful or in ad v erten t sabotage of fire. F ire p revention is everyone’s p atrio tic d u ty .” O ther officers reelected include C. M. Reed, G uthrie Center, vice-presi dent; L. K. Sharp, Des Moines, secre- tary; Jo h n W ise, Des Moines, tre a s urer, and J. E. Robb, Des Moines, a ssistan t secretary. Officers appointed w ere L. McKibban, a ssistan t secretary, and Clarence Letz, a ssistan t treasu rer, both of Des Moines, and I. E. Sams, H am ilton, O ntario, m anager of th e C anadian de p artm ent. Allied Mutual, Des Moines The Allied M utual C asualty Com pany of Des Moines held its annual m eeting last m onth and reelected of ficers and directors. Officers reelected STATEMENT OF ASSETS AND LIABILITIES A s of December 31, 1942 PAU L CLEM EN T sociation, w hich is an affiliated com pany, w om en are in su red and b a n k e rs’ w ives an d child ren are provided w ith th e sam e so rt of low cost protectio n as provided for select m ale risk s in th e M innesota C om m ercial M en’s Associ ation. Kent Heads Western Mutual The W estern M utual F ire In su ran ce C om pany of Des M oines experienced an excellent y e a r in 1942, and now has assets of $635,873.06. T his is a gain of ASSETS Bonds (Amortized Value) Government ........................................................... $678,926.90 Iowa C o u n ty ........................................................... 78,973.35 Railroad (Government O w ned)........................... 9,883.46 $ 767,783.71 87,000.00 Federal Savings and Loan Certificates........................................ 69,500.00 Bank Certificates of Deposit (on interest).................................. Deposits (not on interest) Central National Bank and Trust Company, $204,521.14 Des Moines ........................................................$204,521.14 Northwest Security National Bank, Sioux 3,000.00 Falls ........................ ............................................ Iowa-Des Moines National Bank & Trust Co. Des Moines ......................................................... 10,000.00 5,000.00 Grinnell State Bank,Grinnell,Iow a..................... 285.00 222,806.14 Cash in Office................................................. 61,521.41 Agents’ Balances (Under 90 Days O ld ).......... Interest Accrued Bonds ......................................................................$,$ 4,658.12 1,392.50 Federal Savings & Loan.............................. 412.73 ........................ 6,463.35 Certificates of D eposit.................................. .................... Total Admitted A ssets.................................................................$1,215,074.61 L IA B IL IT IE S Reserve for Liability and Workmen’s Compensa tion Claims .......... .> .......................................... $224,474.32 Reserve for All Other Claims.................................... 57,490.37 Estimated Expenses of Investigating and Adjust ing Claims ........................................................... 6,266.45 $ 288,231.14 Reserve for Unearned Premiums................................................... 438,447.08 Reserve for Taxes and Miscellaneous Item s................................ 23,156.43 887.62 Funds Held Under Reinsurance Treaties.................................... Reserve for Contingencies............................................................... 50,000.00 Total Liabilities ......................................................................... $ 800,722.27 Surplus ......................................................................................... 414,352.34 Balance ......................................................................................... $1,215,074.61 J. D O L L IV E R K E N T OFFICERS m ore th a n $120,000 over th e preceding year, and its su rp lu s likew ise show ed a gain of appro x im ately $63,000. A t th e a n n u al m eeting of th e W est ern M utual F ire, J. D olliver K ent, fo r m erly ch airm an of th e board, w as nam ed p resid en t of th e com pany. He succeeds C harles S. Vance, w ho re tire s as an active officer b u t rem ain s on th e com pany’s board of directors. O ther officers reelected include J. M. P ip er, vice president, G. S. B lount, secretary , J. F. M ueller, tre a su re r, and F. E. Yoast, a ssista n t to th e president. B . R e e s J o n e s ..................... C h a ir m a n o f B oard. D es M o in e s , I o w a H a r o ld S. E v a n s . . P r e s id e n t a n d G en. M g r . D e s M o in e s , I o w a W i l l i a m T r e im e r ................... V i c e P r e s id e n t H a r tl e y , I o w a R o b e r t B . G o o d e .................................. S e c r e t a r y D e s M o in e s , I o w a H . F . G r o s s .............................................. T r e a s u r e r D e s M o in e s , I o w a R e x H . F o w l e r ....................... G e n e r a l C o u n s e l D e s M o in e s , I o w a ALLIED MUTUAL CASUALTY COMPANY! Harold S. Evans, President Hubbell Building Des Moines, Iow a Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 26 M ERC H A N TS MUTUAL BONDING COMPANY include B. Rees Jones, ch airm an of the board; H arold S. E vans, p resid en t and general m anager; W illiam Treim er, vice p resident; R obert B. Goode, secre tary ; H. F. Gross, tre a su re r; and Rex H. Fow ler, general counsel. The Allied M utual experienced a sub sta n tia l grow th d u rin g 1942. As of D ecem ber 31, 1942, to tal adm itted assets w ere $1,215,074.61. This com pares w ith $1,045,926 a year previous. T he com pany w rote n et prem ium s of $973,575 in 1942. Policyholders su r plus as of D ecem ber 31, 1942, w as $414,352. At last m o n th ’s m eeting th e com- Incorporated 1933 H o m e O ffice V A L L E Y B A N K B U IL D IN G Twenty-four Years of Des Moines, Iowa • 4» This is Iowa’s oldest surety company. HAEOLD A progressive company with experi enced, conservative management. We are proud of our hundred and fifty bank agents in Iowa. p an y w as also authorized to issue fu tu re policies on a nonassessable basis. The com pany is licensed to w rite autom obile, w o rk m en ’s com pen sation, and general liability in su ran ce in several states of th e m iddle w est. To be the exclusive representative of this company is an asset to your bank. • Hawkeye Mutual Hail W rite to Insurance Association • E. H. WARNER Secretary and Manager S. E V A N S Carver Bldg. Fort Dodge, Iowa Federal Reserve Director T he ap p o in tm en t of R udolph E. R eichert as a d irector of th e D etroit B ranch of th e F ed eral R eserve B ank of Chicago, for a tw o-year term ending D ecem ber 31, 1944, w as announced re cently by Sim eon E. Leland, ch airm an of th e board of directors of th e F ederal R eserve B ank of Chicago. Mr. R eichert is presid en t of th e A nn A rbor Bank, A nn Arbor, Michigan. Buys Thrift, Inc. \.A' " With the rejuvenating mineral waters, TA?:found here at America's greatest spa :?i?T??:Avery thrilling outdoor activity of the !??! fall season is whiting to be enjoyed by T???|:^ihs Hotel guests'.: Write today for de'■ sedative literature, EXCELSIOR SPRING Sna Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 The F ed eral D iscount C orporation, D ubuque, Iowa, has purchased con tro llin g in te re st in T h rift, Inc., of Des Moines, and w ill continue th e firm at th a t location and u n d er th e sam e nam e. Ross M. Carrell, form er p resid en t of T h rift, Inc., w ill be on th e new board of directors, as w ill P aul Blakem ore of Des Moines. A. G. K ohler of D ubuque w ill come to Des Moines as secretary and m an ager of T hrift, Inc. T he F ed eral D iscount C orporation operates 28 branches in Iowa, Illinois, W isconsin and M innesota. Iow a offices, in addition to th e m ain one at D ubu que, are located at Iow a City, M ason City, Cedar Rapids, Oskaloosa, W ater loo and D avenport. Hardly U sher (at w edding to cold, digni fied lady): A re you a frien d of th e groom? Lady: Indeed, no, I am th e b rid e’s m other. 27 O ftSecause B Markets A re People Feel Better "Optimism, Rather Than Any Nearby Fears of Inflation, Has Been the Motivating Force in the Markets" W hile th e confer ence a t Casablanca stole th e headlines in Ja n u a ry , the real w ar new s w as m ade on th e E a s t e rn F ro n t. Allow ing for some over statem en ts in th e J A M E S H . C L A R K E R u ssian com m uni ques, still it is cer tain th a t G erm an losses really h u rt. T he com m uniques of th e Axis natio n s th em selves confirm ed this. W h at ev en tu ally develops in N o rth A frica and E u ro p e as a re su lt of th e talk s a t C asablanca m ay n o t be ap p a re n t for som e tim e—b u t R ussian successes are tangible, are real, and are con tin u in g . A nd w ith th ese victories we have h ad b e tte r m ark ets. In short, risin g prices on our exchanges have had a stro n g R ussian accent. M ost ev ery th in g th at occurred in the Global W ar in the p ast th irty days w as favorable for our side. The B rit ish E igh th A rm y continued its pur su it of R om m el into Tunisia; reports from the Pacific front, w h ile not sen sational, w ere good; and victories in the air from scattered fron ts made good reading. S evere losses of sh ips and cargoes by th e U nited N ations, h ow ever, have not received the at ten tion w h ich th ey w arrant. Prob ably because both E n glan d and U n ited States have stopped regular pub lication of th ese sin k in gs—but w ith sp rin g com ing, and w ith it conditions that favor U-boat w arfare, w e shall face a real job in d eliverin g the goods. A t least, it seem s certain th at Ger m any w ill go all out in a desperate effort to reverse the p resen t trend a gain st her. As m en tio n ed earlier, th e m a rkets have been stronger because people feel better about th in g s in general. V ery fe w year-end reports are avail able at th is tim e, but w ith taxes at high levels it is too m u ch to expect generally better earnings fo r in dustrial and public u tility com panies. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Month's Market Maneuvers Prepared for The Northwestern Banker By Jam es H . C larke A s s i s t a n t V ic e P r e s i d e n t A m e r i c a n N a t io n a l Bank & T r u s t C o. Chicago T h is despite the fact that m a n y of th e m are producing at levels n ever before reached. M ost of the rails should report m u ch better earnings— but th e y did n ot face the sam e tax problem s in 1942. P rices of com m on stocks w ere stro n g alm ost all of Jan u ary . In th e tw enty-five days w hen th e m ark ets w ere open for trading, advances w ere recorded eighteen tim es and losses b u t seven. T he volum e of trad in g likew ise w as good, w ith m ore th a n one m illion shares trad ed on th re e days, and n early th a t am o u n t on several others. T he Dow-Jones average figure for in d u strial stocks stood a t 125.58 at th e close of trad in g on Ja n u a ry 30th— a new high in th e recovery w hich sta rte d a t 92.92 in May of 1942. In th e m o n th of Ja n u a ry itself in d u strial stocks im proved about six points—a su b stan tial increase—although not w holly unexpected, as th e first m onth of th e y ear is usually a good one on th e upside. Optim ism rath er than any nearby fears of inflation has been the m oti vatin g force in the m arkets. T his is sh ow n in the bond m arket w here strength has also been in evidence— fears of inflation w ould hurt bonds. A feelin g has spread slo w ly through the cou n try that som e in tern al col lapse is n ear in Germ any. A stud y of actu al d evelopm en ts, hoAvever, does not. ju stify the b elief th at th is is true. G erm any still controls con tinental France, B elgiu m , the N etherlands, N orw ay, D enm ark, Poland, A ustria, H ungaria, R um ania, Bulgaria, Greece, Crete, Y ugoslavia, C zechoslovakia and T unisia. She has lo st part of the R ussian territory, w h ile h er satellite Ita ly has lo st h er North A frican em pire—but G erm any still has m uch pow er for d efen siv e fight. A nd her A lly —Japan—has surrendered prac tically none of h er land conquests. U nder such circum stances w e still face the hardest k ind of fighting, and the m any periods of dep ression and d isapp oin tm en t that w ill go along w ith it. To repeat—for the past se v eral w eek s w e h ave had good m arkets alon g w ith su b stan tial victories for the R ussians. P erhaps a slo w in g dow n is n ow in order. I n January bonds w ere strong— governm ents, m unicipals and corpo rates. The go vern m en t did one bit of financing in the sale of tw o billion one year certificates of indebtedness— but this was for the m o st part refu n d in g , and created little stir. The n e x t sub stantial piece of financing is expected in A p ril— p resent treasury balances seem to be sufficient to assure no need fo r n ew m o n ey before that tim e. I t is too early to guess w hat fo rm the n e x t offer w ill take, but in all probabil ity there w ill be m ore than one type of issue available. E no u g h different types, in fact, to attract all investors, individuals, corporations, insurance com panies, tru st fu n d s, and savings and com m ercial banks. In the De cem ber financing, investors w ere given ten days notice of the term s— in A pril it is quite likely th a t there w ill be a longer period. N ot m any new m unicipals being offered these days—m ost big refu n d ings have been com pleted and th ere are practically no new public w orks. I t m ay be expected, how ever, th a t a n um ber of th e large in surance com panies w ill sell out su b stan tial blocks of m unicipals in anticipation of the new g overnm ent offering. As a ru le these sales are p re tty w ell lim ited to sh o rt m atu rities—and th e prices are full. T hus n ot m uch in te re st for Northwestern Banker February 1943 28 co un try b anks w here yields u n d e r one per cent do not b rin g out m uch buying. The gen eral pattern of the treasu ry’s financing plan for the w ar has changed little since last w e com m ented on it. A t present the treasury is offering $700,000,000 in discount b ills each M onday and cu rren tly $500,000,000 are m aturing—th u s a pickup of $200,000,000 per w eek. It is quite lik ely that w e sh all see the am ount of these n in ety to ninety-one day b ills stepped up to a billion a w eek during 1943. The treasury w ill doub tless continue to offer one year certificates of indebt edness from tim e to tim e—th ese have been popular. The five and one-half year l% s of D ecem ber w ere w ell re ceived — som ew h at sim ilar short term bonds m ay be expected again. Ten year bonds w ith a 2 per cent coupon have been popular—th ese should be continued—althou gh th ey m ay be sub ject to som e slig h t variation in coupon or m aturity. The long 2 1/£s w ill be con tinu ed in all probability— but the com m ercial banks w ill sh ow little in terest in these. M oney rates, in our opinion, w ill vary little in the foreseeable fu ture and prices should be firm. St. Paul Federal Has Over $2,000,000 in Assets Axel A. Olson, executive secretary of the St. Paul F ederal Savings & Loan A ssociation of St. Paul, M inne sota, rep o rts assets of $2,023,516 on D ecem ber 31, 1942, in his Association. W hen th e St. P aul F ederal w as org an ized its first statem en t on D ecem ber 31, 1935, show ed assets of $157,000, th e n five y ears later in 1940, th ey w ere Federal Home Loan Bank of Des Moines DES M OI NES , I O W A S t a t e m e n t o f C o n d itio n , F e b r u a r y I , 1943 R E S O U R C E S A d v a n c e s to M e m b e r s ..........................................$ 6,252,248.00 U . S. G o v e rn m e n t O b lig a tio n s a n d S e c u r i tie s f u ll y g u a r a n t e e d b y U . S .............. 8,115,794.51 A c c ru e d I n t e r e s t R e c e i v a b l e ............................ 62,350.62 D e f e r r e d C h a rg e s a n d O th e r A s s e t s ......................................... 10,166.41 C ash ............................................................................... 5,308,351.74 $19,748,911.28 L I A B I L I T I E S A N D C A P I T A L C a p ita l S to c k S u b s c r i p t i o n s .............................$10,246,900.00 * D e b e n tu re s O u ts ta n d i n g ................................... 7,000,000.00 P r e m iu m s on D e b e n t u r e s ...................................... 8.67 D e p o s its — M e m b e r s a n d A p p l i c a n t s .......................................... 1,482,003.54 A c c ru e d I n t e r e s t P a y a b l e ................................... 47,943.51 A c c o u n ts P a y a b l e ................................................. 127.55 S u r p lu s : R e s e rv e s ..................................... $702,425.94 U n d iv id e d P r o f its ...................269,502.07 971,928.01 $19,748,911.28 ^ P a rtic ip a tio n in $69,500,000 consolidated F e d e ra l H om e L oan B a n k de b e n tu re s o u ts ta n d in g , w hich a re th e jo in t an d se v e ra l o b lig a tio n s o f th e tw elve F e d e ra l H om e L oan B an k s. BONDS Public Utility In dustrial R a ilro a d M unicipal AC. A L L Y N an d c o m p a n y Incorporated 100 W est Monroe Street, Chicago N ew York R ep resen tatives : Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M ilw aukee W aterloo February 19^3 Omaha Des Moines Boston Cedar Rapids A X E L A. O L S O N $1,612,000, and since th en have in creased each year. “Our association,” says the exec utive officer’s an n u al report, “in th e p u rsu it of its daily activities, is help ing build stro n g A m erican citizens. U rging th rift day by day, w h eth er th ro u g h the purchase of w ar bonds or inv estm en t in our share accounts, we in th is association are helping our fellow citizens recap tu re th e self-re liance of p ast generations on w hich the n ational stre n g th in th e final analysis m u st depend. By lending th e people m oney to buy a hom e, th is association is giving a few h u n d red m ore fam ilies every year th e experience of ow ning a tangible piece in th is great co u ntry of ours. It is a com m onplace tra n s action, b u t it is of th e essence of th e w ay of life w hich sons and b ro th ers of ours are fighting and dying to keep for us.” Mr. Olson attended th e G raduate School A m erican Savings & L oan In stitu te in 1941 and his grad u ate school thesis w as “T he appraisal and g ra n t ing of construction hom e loans”. Dean of th e school, Douglas C. Vaile, said, “T his thesis describes m ost clearly 29 and m in u tely th e procedure w hich should be followed by every savings and loan association for ap p raisin g and g ra n tin g loans on new co n stru c tion. To a rriv e a t an accepted p ro cedure th e au th o r used as a basis th e problem w ith w hich he has been faced as secretary of his association since 1934. “T he general o utline m anifested a logical co h eren t study. B eginning w ith th e application for th e loan, th e w rite r traced th e actu al procedure involved u n til th e loan w as actually disbursed. “The a u th o r’s skillful explanation of th e use of docum ents such as lien w aivers, disb u rsal p erm its, in su ran ce agreem ents, a n d ' p erform ance agree m ents, w hich m u st be adm in istered for th e p rotection of th e association, cannot escape notice”. R obert W. Olson, 26, and son of Axel A. Olson, is on N aval P a tro l d u ty “som ew here in th e A tlan tic”. F organ, a ssistan t cashiers, and J. T. K eckeisen, a ssistan t secretary, w ere prom oted to a ssistan t vice presidents. H ow ard S. Alsip, E dw ard Decker, Al fred E. L angenbach and D arragh Louderback w ere nam ed assistan t cash iers. H orace V. Condit and Rollin B. Mansfield w ere appointed assistan t tr u s t officers. O ther officers w ere re elected. Northern Trust, Chicago At th e an n u al m eeting of th e board of directors of The N o rth ern T ru st Com pany, th e following official changes w ere m ade: Jo h n A. P rosser and C harles B. P etersen w ere prom oted from second vice presid en ts to vice presidents of th e b anking departm ent. In the bond departm ent, Jo h n M. Max well w as prom oted from second vice president and m anager to vice p resi dent. P hilip L. B u rg ett w as prom oted from, m anager, credit d ep artm ent, to second vice p resid en t and m anager of credit d ep artm en t and Lyell H. R itchie from assistan t cashier to second vice president. W arren F. Sarle w as pro m oted from second vice presid en t to second vice p resid en t and m anager of the bond departm ent, and E dw ard D. McGrew from assistan t m anager, bond departm ent, to second vice president. First National, Chicago A t th e an n u al m eeting of th e sh a re holders of T he F irs t N ational B ank of Chicago, all m em bers of th e board of directo rs w ere reelected. Follow ing th e sub seq u en t m eeting of th e board, a n u m b er of prom otions in th e official staff and th e election of new officers English firemen raise hogs in bombed cellars PIGS U. S. GOAL y 1 9 4 1 ___ 125 X r <940 N ENGLAND even the firemen help increase NORMAL*^ ioo% food production. For hog pens they frequently use cellars of demolished buildings. Despite bombings and manpower shortage, the English have increased agricul tural production materially. Yet, while doing its part, England still must import huge quantities of food. The United Nations’ needs, including those of our own Army, Navy and Marines, are tremendous. That is why American farmers, regardless of their great achievements, have a big job ahead in 1943. City dollars flow, through the Federal intermediate credit banks and local lending institutions, to the farms to finance pro duction. Flence, buyers of the debentures, issued by these banks, are mak ing an important contribution to the production of vital war materials. I V E R N E L. B A R T L IN G w ere announced by E d w ard E. Brow n, p resid en t of th e bank: T hom as J. B utler, a ssista n t vice p res id en t in one of th e loaning divisions, Jam es P. Feeley, a ssista n t vice p resi d en t in th e bond d ep artm en t, and E m erson R. Lewis, a ssista n t vice p re s id en t in th e tr u s t d ep artm en t, w ere elected vice p residents. H arold W. Lewis, V erne L. B artling, G lenn M. THE FEDERAL I NTERMEDI ATE CREDIT BANKS SPRINGFIELD, MASS. LOUISVILLE, KY. ST. PAUL, MINN. BALTIMORE, MD. NEW ORLEANS, LA. OMAHA, NEB. BERKELEY, CAL. COLUMBIA, S. C. ST. LOUIS, MO. WICHITA, KAN. SPOKANE, WASH. Furth er information re g a r d i n g the Deb en tur es may b e o bt ai n ed from CHARLES R. DUNN, Fiscal A g e n t 31 Nassau Sfreet, New York, N. Y. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HOUSTON, TEX. February 1943 30 ager, bond d epartm ent; David M arcus and H ow ard E. R ichardson, assistan t auditors; E d w ard B ernard, assistan t cashier, and M acH enry Schafer, direc to r em ploye relations. All other offi cers w ere reelected. New Board Member A t th e an n u al m eeting of th e stock holders of th e M ercantile-Com m erce B ank and T ru st Company, St. Louis, W illiam T. Rossell, presid en t of the St. Louis Public Service Company, w as elected to th e b a n k ’s board of directors. Mr. Rossell cam e to St. Louis in December, 1939, to head th e reo rg an ized St. Louis Public Service Company, and p rio r to th a t tim e w as associated w ith th e B rooklyn-M anhattan-T ransit C om pany of New York. J. M . E A S T O N E. LeRoy H all w as prom oted from as sista n t com ptroller to second vice p re s ident and a ssistan t com ptroller. J. Mills E aston w as prom oted from m an ager, ad v ertisin g and publicity, to sec ond vice p resid en t in charge of th a t departm en t. New ap p o in tm en ts are: L aurence M. Rieckoff, a ssista n t m an 4 y On Chase Board L ynde Selden, vice ch airm an of th e board of th e A m erican E x p ress Com pany, w as elected a m em ber of th e board of directors of th e Chase N ation al B ank at th e an n u al m eeting of shareholders. Mr. Selden, w ho w as associated w ith th e b an k as a vice p resid en t in th e for eign d ep artm en t from 1928 to 1936, has LYNDE SELDEN been a m em ber of th e board of The Chase Bank, an affiliated organization, since 1931. H e is also a d irector of th e D iscount C orporation of New York. A n ative of D uluth, M innesota, Mr. Selden w as educated at H otchkiss pre- W hat Their Statements Show Figures Reported by Banks in Larger Financial Centers According to Their Statements D ECEM BER 31, 1942 C a p ita l TOW N BANK C h ic a g o ................ . .A m e ric a n N a t ’l B a n k & T r u s t C o.. .. $ 1,600,000 C h ic a g o ................ . .C ity N a tio n a l B a n k a n d T r u s t C o . . . 4,000.000 C h ic a g o ................ . . C o n tin e n ta l- I llin o is N a t i o n a l ............... 50,000.000 1,000,000 C h ic a g o ................ . .D r o v e r s N a tio n a l B a n k ....................... 350.000 C h ic a g o ................ . . D ro v e rs T r u s t & S a v in g s B a n k . . . . C h ic a g o ................ . . F i r s t N a tio n a l B a n k ................................ . 30,000,000 1,000,000 C h ic a g o ................ .. L i v e S to c k N a tio n a l B a n k .................... 3.000,000 C h ic a g o ................ . . N o r th e r n T r u s t C o m p a n y ....................... D e tr o i t................ . . .N a tio n a l C ity B a n k o f ............................. 18,500,000 6.000,000 K a n s a s C ity . . . . ..C o m m e r c e T r u s t C o.................................. 10,000,000 M ilw a u k e e ......... . . F ir s t W isc o n sin N a tio n a l B a n k ......... N e w Y o r k ......... . . .C e n tra l H a n o v e r B a n k & T r. C o........ . 21,000,000 N e w Y o r k ......... . . .C hase N a tio n a l B a n k ................................ . 100,270,000 20,000,000 N e w Y o r k ......... . . C h e m ic a l B a n k & T r u s t C o................ . N e w Y o r k ......... . . .G u a r a n ty T r u s t C o.................................. .. 90,000,000 N e w Y o r k ......... . . .Irv in g T r u s t C o....................................... . .. 50,000,000 N e w Y o r k .......... . . .M a n u f a c t u r e r s T r u s t C o .. ................... .. 41,597,980 12,500,000 N e w Y o r k . . . . . . . .N ew Y o rk T r u s t C o................................ 7,000,000 N ew Y o r k ......... . . .P u b lic N a tio n a l B a n k & T r u s t C o.. . 14,000,000 P h ila d e lp h ia . . . ...P h i l a d e l p h i a N a tio n a l B a n k ................ 2,500,000 S t. L o u i s .............. . .B o a t m e n ’s N a tio n a l B a n k ..................... 10,200.000 S t. L o u i s .............. . . F i r s t N a ti o n a l B a n k . ............ ................. 10,000,000 S t. L o u i s ............... . .M e rc a n tile ^ C o m m e rc e B k. & T r . C o.. 59.205,920 S a n F r a n c is c o . . . .B a n k o f A m e r i c a ....................................... $ S u r p lu s a n d P r o f its 2,963,780 4,314,024 70,983,406 1,128,938 649,820 53,156,772 1,653,017 11.700,190 17,914,925 8,043,304 7,298,887 79,661,924 145,319,412 60,456,273 192,547,059 54,906,526 44,893,301 29,532,433 11,598,772 33,869,233 2,479,083 10,288,734 7,875,684 83,151,214 $ L oans and D is c o u n ts 22,756,673 54,531,147 269,693,310 5,397,961 4,142,622 328,477,482 6,771,376 46,621,685 102,409,795 57,109,332 47,610,017 239,704,031 786,056,843 162,982,846 563,913,215 193,674,335 300,378,843 140,601,228 63,961.035 81,461,520 21,425,016 74,992,279 43,318,583 840,469,960 $ Bonds and S e c u r itie s 57,098,156 110,396,157 1,257,162,343 29,452,740 6,849,288 1,004,178,121 16,447,708 312,319,803 569,598,599 154,236,297 180,673,660 969,771,127 2,585,576,626 659,051,266 1,768,604,299 581,489,319 712,880,835 352,113,667 138,756,151 433,313,543 63,856,334 179,715,745 141,632,724 1,365,749,442 C a sh a n d D u e F ro m B an k s $ 34,332,131 66,240,495 549,633,355 28,111,726 1,698,511 422,762,176 19,994,513 124,843,678 357,910,697 107,848,251 129,281,842 410,810,119 1,132,552,794 348,841,630 640,745,488 243,074,441 370,862,493 134,838,208 58,839,785 213,194,414 32,083,076 103,614,815 79,124,380 605,041,384 $ D e p o s its 108,529,531 222,107,232 2,052,097,478 60,348,777 11,403,502 1,676,774,016 41,097,470 459,247,582 994,143,425 307,314,706 340,324,002 1,537,492,380 4,291,466,886 1,199,430,404 2,676,622,241 928,493,533 1,322,420,806 628,777,300 243,398,918 678,427,431 112,331,741 339,580,214 250,330,488 2,586,140,699 S c a r b o r o u g h ^ C o m pa n y y First N ational Bank Building, C hicago Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 !< •« » /i^ ß z m < kA H orace A. Smith, Iow a R epresentative D es M oines, Iow a t 31 p a ra to ry school and a t Yale U niversity, from w hich he g rad u ated in 1913. F ol low ing service as a lie u te n a n t in th e U. S. A rm y in W orld W ar I, Mr. Selden becam e associated w ith th e A m erican Sugar R efining Com pany, serv in g as secretary from 1926 to 1928. Midland National, Minneapolis anufacturers TRUST COM PANY Condensed Statement o f Condition as at close o f business December 31, 1942 RESOURCES Cash and Due from B a n k s ............... $370,862,493.14 U. S. Government S e c u ritie s............ 635,564,409.52 U. S. Government Insured 9,833,484.18 F. H. A. M ortgages........................ State and Municipal B o n d s............... 28,412,428.85 Stock of Federal Reserve Bank . . . . 2,237,950.00 Other Securities ................................. 36,832,564.52 Loans, Bills Purchased and Bankers’A c c e p ta n c e s..................... 300,378,843.43 M o rtg a g e s............................................ 14,753,993.72 Banking H o u s e s ................................. 12,529,572.25 Other Real Estate E q u itie s............... 2,336,137.10 Customers’ Liability for Acceptances 2,814,883.72 Accrued Interest and Other Resources 2,938,713.08 $1,419,495,473.51 LIABILITIES Preferred Stock . . . $ 8,599,540.00 Common Stock . . . 32,998,440.00 Surplus and Undivided Profits 44,898,301.51 86,496,281.51 R e se rv e s.................. 6,311,490.51 Common Stock Dividend (Payable January 2, 1943). . . . . 824,959.50 Preferred Stock Dividend (Payable January 15, 1943) . . . . 214,988.50 Outstanding A cceptances. 3,037,065.85 Liability as Endorser on Acceptances and Foreign B i l l s 189,880.98 D e p o s its .......................... 1,322,420,806.66 $1,419,495,473.51 . E d w ard A. Schlam pp, p resid en t and tre a s u re r of P. Schlam pp and Son, Inc., M inneapolis, w as added to th e board of directors of th e M idland N ational B ank M EDW ARD A. S C H L A M P P and T ru st C om pany of M inneapolis at th e a n n u a l stockholders m eeting. The d irecto rs m et im m ediately follow ing and elected H a rry M. W illm ert, assist- DIRECTORS EDWIN M. ALLEN P r e s id e n t, M a th ie s o n A l k a l i W orks, In c . EDWIN J. BEINECKE C h a irm a n , T he Sperry & H u tc h in s o n Co. EDGAR S. BLOOM P r e s id e n t, A t l a n ti c , G u lf a n d W est In d ie s S te a m s h ip L in e s LOU R. CRANDALL P re sid e n t, George A . F u lle r C o m p a n y CHARLES A. DANA P resid en t, Spicer M a n u fa c tu r in g Corp. HORACE C. FLANIGAN V ice -P resid en t JOHN M. FRANKLIN N e w Y o rk C ity CHARLES FROEB C h a irm a n , L in c o ln S a v in g s B a n k C. R. PALMER P resid en t, C lu e tt, P ea b o d y & C o., In c . GEORGE J. PATTERSON PAOLINO GERLI P resid en t, E . G erli & C o., In c . HARVEY D. GIBSON P resid en t JOHN L. JOHNSTON P resid en t, L a m b ert C o m p a n y OSWALD L. JOHNSTON S im p so n T h a ch er & B a r tle tt CHARLES L. JONES The C harles L . Jo n e s C om pany SAMUEL McROBERTS P resid en t, S cra n to n & L e h ig h C oal Co. HAROLD C. RICHARD C h a irm a n , G eneral B r o n z e C orporation HAROLD V. SMITH P resid en t, H o m e In su ra n c e Co. ERNEST STAUFFEN C hairm an, T r u st C o m m itte e GUY W. VAUGHAN P resid en t, C urtiss- W rig h t C orporation HENRY C. VON ELM V ice -C h a irm a n o f th e B o a r d N ew Y o rk C ity JOHN P. MAGUIRE P r e s id e n t, J o h n P. M a g u ir e & C o., In c . ALBERT N. WILLIAMS P resid en t, W estern U nion T eleg ra p h C o m p a n y Principal Office: 55 Broad Street, New York City 68 B A N K IN G O F F I C E S IN G R E A T E R NEW YORK European Representative Office: 1, Cornhill, London, E. C. 3 Member Federal Reserve System Member New York Clearing House Association Member Federal Deposit Insurance Corporation B o th C om m on a n d P refe rre d shares h a ve a p a r va lu e o f $ 2 0 each. T he P refe rre d is c o n v ertib le in to a n d h a s a p r e fe r e n c e over the C om m on to th e e x te n t o f $ 5 0 p e r sh a re a n d a ccrued d ivid en d s. HARRY M . W IL L M E R T Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 32 continued th eir policy of declaring a sem i-annual dividend of $2 p er share, of w hich $1 w ill be paid on F e b ru a ry 1, 1943, to stockbolders of record as of Ja n u a ry 20, 1943, and $1 on May 1st to stockholders of record as of A pril 20, 1943. A tra n sfe r of $200,000 from u n d i vided profits to su rp lu s account w as also made. T hus th e su rp lu s account is now $4,000,000 and equals th e b a n k ’s capital of $4,000,000. a n t cashier. All th e o th er officers and directors of th e b an k w ere reelected. E dgar L. M attson is ch airm an of th e board and A rn u lf Ueland, president. Mr. W illm ert w as born at Blue E arth , M innesota, and gained his first banking experience w ith th e F irs t and F arm e rs N ational Bank, w h ere he w as em ployed for four years. H e left th e re to accept a position w ith th e F a rm e rs & M erchants S tate B ank, H inckley, M innesota, w h ere he w as em ployed for five y ears p rio r to th e first W orld W ar, in w hich he served. He en tered th e em ploy of th e M idland B ank in 1925. Mr. Schlam pp is follow ing in th e footsteps of his fath er, w ho served on th e board of th e M idland B ank for m any years p rio r to his death. Elected a Director Turner a Vice President H u n tin g to n M. T u rn er, fo rm erly an assistan t vice president, h as been ap pointed a vice p resid en t of th e C hem i cal B ank & T ru st Com pany. Mr. T u rn e r is a n ativ e of M ilwaukee, and received his early education in F ran ce and Sw itzerland. He is a g rad u ate of V irginia M ilitary In stitu te and has been connected w ith th e Chem ical B ank & T ru st C om pany since 1928. He starte d his b an k in g career w ith the A m erican S ecurity & T ru st Company, T he N ew Y ork T rust Co m pa ny H. M. T U R N E R W ashington, D. C., in 1923 and in 1925 becam e associated w ith the F idelity U nion T ru st Com pany of N ew ark, New Jersey. P rio r to th a t tim e, he w as w ith th e U nited States E m ergency F leet C orporation in London, E ngland. Mr. T u rn e r entered the Chem ical Bank w ith th e tru s t d ep artm ent, w here one of his assignm ents w as supervising the construction of a hospital in M anissa, T urkey, for one of th e b an k ’s clients. F o r th e p ast nine y ears he has actively p articip ated in th e handling of the b a n k ’s m idw estern business and is well know n in b anking circles th ro u g h o u t th e country. Usual Dividend The board of directors of th e City N ational B ank and T ru st Com pany of Chicago, at th e ir last m eeting of 1942, Cal Sivright, presid en t and chief executive officer of th e Oliver F a rm E q uipm ent Company, w as elected a director of th e A m erican N ational B ank and T ru st Com pany of Chicago at the an n u al m eeting. Mr. Sivright w as born in H utchinson, M innesota, on M arch 12, 1886, and attended th e U niversity of M innesota College of Law. H is business background has been entirely in th e ag ricu ltu ral field. He becam e associated w ith th e Oliver F a rm E q u ip m en t Com pany in 1929 and becam e its p resid en t in 1937. All o th er directors of th e b ank w ere reelected, including A rth u r L. Blakeslee, Jam es R. B rem er, W eym outh K irkland, W illiam O. K urtz, Charles A. Liddle, Carl S. Lloyd, Daniel P eterk in , Jr., M elvin L. Straus, R obert E. Straus, H. Belin Voorhees, and L aw rence F. Stern, president. Mr. Stern rep orted to th e stockhold ers th a t th e bank had experienced a satisfactory y ear in 1942, n et earnings being $328,638 after reserves for con tingencies and p referred dividends and not including nom inal profits realized on th e sale of securities w hich w ere credited to securities depreciation re serve follow ing th e practice in pre- C apital Funds . $37,500,000 IO O BROADW AY M A D IS O N A V E N U E AND 4 0 T H STREET Out-of-Town Banks O u t-o f-to w n banks and bankers w ill find h ere T EN ROCKEFELLER PLAZA c o m p le te b a n k in g f a c ilit ie s fo r p r o m p t and e c o n o m ica l h a n d lin g o f accou n ts in C h icago. W e w o u ld appreciate th e op p ortu n ity o f serv in g you. C it y N Member of the Federal Deposit Insurance Corporation Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 ational B a n k A Nil TRUST 2 0 8 S O U T H COMPANY of C h ic a g o L A S A L L E ( Member Federal Deposit Insurance Corporation) S T R E E T r k 33 vious years. T hese earn in g s com pared w ith $349,106 n et earn in g s in 1941. The b ank also show ed a su b stan tial grow th in 1942, re p o rtin g $108,529,531 in depos- -• Illinois, g raduate of th e U n iversity of Illinois, and served in th e F irs t W orld W ar. T in ; 1 tin P ublic National Promotions Follow ing th e an n u al m eeting of the board of directors, th e M ercantileCommerce B ank and T ru st Company, St. Louis, M issouri, announced the follow ing prom otions am ong th e b ank personnel. J. McCall H ughes, a ssistan t com p troller, w as appointed auditor of the bank. H ughes cam e to M ercantileCommerce in Jan u ary , 1939, from th e B ankers T ru st Company, New York, and w as m ade a ssistan t com ptroller in Ja n u ary , 1941. E dgar W. H offm ann, chief clerk, w as appointed assistan t cashier. Hoffm an had been associated w ith M ercantileCommerce and th e form er N ational B ank of Com m erce since 1911. He w as m ade chief clerk in Jan u ary , 1941. CAL S IV R IG H T its on D ecem ber 31st, com pared w ith $91,383,557 on Decem ber 31, 1941. Assistant Vice President H arlow W. Brow n, new ly elected as sista n t vice p resid en t of th e City N a tional B ank and T ru st C om pany of Chicago, is one of th e pioneers in h a n dling in sta llm e n t paper, hav in g sta rte d in th is w o rk in 1921. He w as vice presi- ---------------- AND TRUST COMPANY OF NEW YORK S e r v i c e — Maintaining an intimate, personalized corre spondent bank service. E x p e r i e n c e — Officials with years of service in this field, assuring a knowledge of re quirements and valuable as sistance. P o l i c y —To cooperate with out-of-town banks rather than compete for business which is rightfully theirs. Approve Annuity Plan Stockholders of The New York T ru st Company, at th e ir ann u al m eeting, ap proved a co n trib u to ry retirem en t an n u ity plan for th e com pany’s employes. The plan supplem ents F ederal Old Age Benefits th ro u g h th e purchase of de ferred life an n u ities com m encing at ESTABLISHED 1908 MEMBER NEW YORK CLEARING HOUSE ASSOCIATION FEDERAL DEPOSIT INSURANCE CORPORATION H AVE Y O U A CHECK DEPARTMENT IN YO U R B A N K ? If a customer in your bank wants a new check book, can he pick it up at any window or is he required to go to the “Check Department”? We ad mit that it is a lot more convenient to get it at the nearest window but it’s far more economical for the bank to distribute a l l checks from one point. Why? Well, because the young lady placed in charge of checks will s e ll more than she will g i v e a w a y . She’ll ask everyone to buy Personalized Checks and about seven out of ten will do it. Some will want pocket checks, some will choose Newports for home use, while others will prefer Standardized Busi ness Checks. Regardless of the style, if the cus tomer’s name is im p rin te d , th e bank recovers its full cost. Look how it helps the people in your shop, too . . . especially new people. Sorting and filing are easy when Mr. Kianakopopolous uses an imprinted check, but how many “man hours” will you lose if you have to decipher his signature. This alone justifies pushing personalized checks but the saving in money is important also. Here’s a tip. If you already are en gaged in the Personalized Check Pro gram or if you are just considering it, the secret in putting it across is s u s ta in e d e ffo r t. One live wire who is really sold on the idea can do a bang-up job. And we’ll help, too, if you’ll write us for publicity material and samples. De Luxe HARLOW W. d en t of th e E q u ip m en t F in an ce Corpo ra tio n of Chicago, and later vice p resi d en t of th e Securities In v e stm e n t Cor poratio n of Omaha, N ebraska. He is th e son of a c o u n try b an k er in cen tral https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHECK PRINTERS BROW N cPnc. M a n u f a c tu r in g P la n ts a t NEW YORK C LEVELAN D C H IC A G O KAN SAS CITY ST. P A U L th e age of 65. E m ployes w ho have com pleted a t least one y e a r of co n tin u ous service and w ho are a t least 25 years old, are eligible. As explained by Jo h n E. B ierw irth, p resid en t of th e com pany, em ployes w ill co n trib u te w ith resp ect to service ren d ered a fte r D ecem ber 31, 1942, a prcentage of th e ir basic m onthly sal aries, and The New Y ork T ru st Com pan y w ill co n trib u te one and one-half tim es th e am ounts co n trib u ted by th e employes. Stockholders also reelected m em bers of th e p re se n t board of tru ste e s w hose term s of office expired. Named Comptroller C arsten E. R onning, a second vice p resid en t in the com ptroller’s d ep art m en t of th e C ontinental Illinois N a tional B ank and T ru st Company, w as m ade com ptroller. D uring th e last six years, R onning has had general su p er vision of th e operating and accounting m ethods of th e bank, and for several y ears before th a t w as in charge of p e r sonnel. H is service record w ith the C ontinental Illinois and predecessor b an k s goes back 33 years, w ith a w ide range of experience in both banking and tru s t d ep artm en t operations. C. E . R O N N I N G R onning succeeds F ra n k L. King, w ho recen tly becam e executive vice presid en t and a director of the Cali fornia Bank, Los Angeles. John Burgess Heads New Division in Bank Jo h n Burgess, vice presid en t of the N orth w estern N ational B ank of M in neapolis, is heading a new division in th e b ank know n as division D w ith h ead q u arters on th e th ird floor of th e bank. T his division covers all of th e activ- U N IQ U E statew ide coverage: T his b a n k m ain ta in s c o r re s p o n d e n t contacts w ith m o re th a n 85 p e r c e n t o f all th e b a n k s in W isconsin! R esult: P ro m p t, efficient, econom ical collection of W isconsin checks a n d d ra fts — an im p o rta n t service to o th e r b a n k s th ro u g h o u t n e ig h b o rin g states. B A N K S and B A N K E R S D IV ISIO N : G eorge T. C a m p b e ll. . . Vice-President R ic h a r d J. L a w le s s , D o n a ld A . H a r p e r . . . Assistant Vice-Presidents JO H N FIRST WISCONSIN NATIONAL BANK M e m b e r o f th e .Federal D e p o sit in su ra n c e C o rp o ratio n N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F MI LWA U K E E February 19b3 BU RG ESS ities of th e C onsum er’s C redit De p a rtm e n t of th e bank, w hich for m any y ears has been u n d er th e direction of Mr. B urgess, form er ch airm an of th e C onsum ers C redit Council of th e A m erican B ankers A ssociation, and long active in th e form ulating of Con sum er C redit policies th ro u g h o u t th e U nited States. 35 b a n k ’s board of directo rs’ recen t m eet ing. O ther officers included G. H ow ard Spaeth, M innesota tax com m issioner, president; C. R. A ndrew s, vice presi dent; O. C. Ogard, cashier, and Leo H. Scherf and Carl H. Sharpe, assistan t cashiers. M IN N E S O T A NEWS W IL L IA M D U N C A N , J r . S e c r e ta r y M in n e a p o lis L . O. O L S O N P r e s id e n t M in n e a p o lis Virginia All in cu m b en t officers and d irectors of th e F irs t N ational B ank w ere re elected at th e a n n u a l stockholders and board of directo rs m eeting held re cently in the board room a t th e bank. Officers include: S. R. K irby, Du luth, p resident; Dr. C. B. L enont, vice president; S. R. K irby, Jr., vice p re si dent; F re d W. P otter, cashier; A rth u r A. Fossum , a ssista n t cashier; L iven A. P eterson, a ssista n t cashier; Steven M. Devich, a ssista n t cashier. D irect ors are Mr. K irby, Dr. L enont, R. R. Bailey, R. L. Griggs, D uluth, Mr. K ir by, Jr., B yron E. S taver and Mr. P o t ter. The S tate B ank of V irginia held its an n u al stockholders m eeting recently and th e in cu m b en t directors, Jo h n E. H anson, J. E. T akkinen, and H. A. H an sen w ere reelected and tw o new directo rs w ere added to th e board, W illiam A. M cCurdy and H a rry Solberg. J. E. H anson w as reelected p resi dent; H. A. H ansen, vice president; and Mr. T akkinen, cashier. M artin V irshek w as nam ed a ssista n t cashier. Sargeant George B artel, A lbert G ronseth, Al ton Linbo, Je n s Je n se n and Carl G un derson w ere reelected directors a t th e an n u al m eeting of th e stockholders of th e State B ank of S argeant. Mr. B artel w as reelected p resid en t and Mrs. G ronseth, vice president. The b an k rep o rted a successful y e a r u n d er T heodore K nutson, cashier, and H en ry B rakke, a ssista n t cashier. Winona D irectors and officers w ere reelected a t an n u al m eetings of stockholders and directors of th e M erchants B ank and th e F irs t N ational B ank in J a n u ary. R eelected officers of th e M erchants B ank are S. A. Steffen, president; C. D. T earse and J. R. Chappell, vice p resi dents; R. M. Tolleson, vice p resid en t and tr u s t officer; H. A. Tornow , cash ier, and V. H. K ahl and R. H. Bublitz,, a ssista n t cashiers. Long Lake D irectors are Mr. Steffen, Mr. Tearse, Mr. Chappell, Mr. Tolleson, H an nibal Choate, J. B. Bam benek, C. A. K irchner, E. S. La F rance, J. R. McConnon, M. J. Owen and F red Schaffer. Officers of th e F irs t N ational B ank are W. A. Mahl, board chairm an; G. M. R obertson, president; C. W. B ritts, vice p resid en t and cashier; E. E. Shep ard, vice p resid en t and tru s t officer; J. R ussell Sm ith, vice president, and H. L. H arrin g to n and J. G. Libera, as sistan t cashiers. D irectors are Mr. Mahl, Mr. R obert son, Mr. B ritts, Mr. Sm ith, E. F. Heim, F ra n k H orton, R. M. H ow ard and G. R. Little. At th e an n u al m eeting of th e stock holders of the State B ank of Long Lake, th e following directors w ere elected: Jo h n Sm ith, Jo h n J. Ruff and K en n eth L. Bollum. A fter th e stockholders m eeting, the directors convened and elected the follow ing officers of th e b an k for the com ing year: Jo h n Sm ith, president; K enneth M. Bollum, vice p resid en t and cashier; B etty P eterson, a ssistan t cashier; S. C. A lbert A nderson, a ssistan t cashier. Brainerd A t th e ann u al m eeting of stockhold ers of the Citizens State B ank C. H. Berge w as elected president; E. W. W ise, vice president; J. K. Tinkelpaugh, cashier; I. Cardie and J. F. Zander, Jr., a ssistan t cashiers. All directors of th e b an k w ere re elected. Lanesboro A t th e an n u al stockholders m eeting th e board of directors of th e ScanlanH abberstad B ank elected K arl P. Doffing as p resid en t to succeed O. U. H abberstad, now presid en t of the F irs t N ational B ank a t F ergus Falls. K arl has been executive vice p resid en t since F e b ru a ry 19, 1940. B ank personnel w ill be: K. P. Dof fing, president; O. T. Simonson, vice p resid en t and cashier; L aw rence Galligan, a ssistan t cashier; Mabel Sorum and V ivian Scanlan, bookkeepers. Di recto rs are: O. U. H abberstad, K. P. Doffing, O. T. Sim onson and M. O. Bue. Barnesville All directors of th e F irs t N ational B ank of B arnesville w ere reelected at th e annual m eeting of stockholders. T hey are W alter R. Olson, of F ergus Falls; C harles Eldridge, of Madison; Mrs. M ary E. Oliver, L. L. Olson, S. O. Solum and J. J. A am odt of B arnesville. D irectors reelected th e follow ing of ficers: L. L. Olson, president; S. O. Solum, vice president; M elvin H anson, cashier. Ada C. L. F erguson of H illsboro, N orth D akota, is a vice presid en t of th e F irs t S tate Bank. He w as elected a t th e Reelect Markle Jay E. M arkle w as reelected p resi dent of the D uluth B ank of Commerce and Savings B ank a t th e an n u al stock h olders’ m eeting. C. W. B erglund w as elected vice presid en t and cashier. O thers nam ed w ere A. E. Elow son, a ssistan t cashier; W illiam C. Lontz, on leave w ith th e arm ed forces, assistan t cashier; R ena T. Pearson, a ssistan t cashier, and E d w ard L. Boyle, Joseph D. H arrold, Axel R. H olm gren, Jo h n E. Hoff, L ane MacGregor, A letha B. M arkle, A. R einhold M elander and Roger M. W eaver, directors. LeRoy All officers and directors w ere re elected for th e follow ing y ear a t the an n u al m eeting of th e F irs t State B ank of LeRoy. T hey include F. T. Young, president; Jo h n J. M eyer, vice president; G. A. H alver, vice president; H ag b arth H aw kins, cashier; L ulu E. R un n estran d , a ssistan t cashier; Thelm a N aum an, bookkeeper. D irectors include M att J. K lassey, O. H. E astw old, J. L. Moser, M arion B. Morse. Stillwater T he Cosm opolitan State B ank of Stillw ater held its an n u al m eeting of Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 36 MINN E S O T A stockholders recen tly and elected th e follow ing to th e board: V. W illis Bloom, C. F. E nglin, A. G. McCormick, M. R. Nelson, E. R. Peaslee, Lois M. Tolen, L. E. T orinus, Jr., L ym an S utton and G. C. W elshons. L a te r th e board m et and nam ed th e follow ing as officers for th e com ing year: L ym an Sutton, president; A. G. Mc- NEWS Cormick, vice presid en t and cashier; M. R. Nelson, a ssistan t cashier. Red Wing All officers of th e F irs t N ational B ank w ere reelected at th e annual m eeting of th e board of directors, Leon K aliher being renam ed president, B. G. F eath ersto n e, vice president; and A ugust H. Lidberg, cashier. These officers, to g eth er w ith the follow ing directors, also reelected, com prise the board: E. H. Lidberg, E. B. Josephson, E. C. E rb, C. E. T ripp and A ugust J. Becker. N am ed a ssistan t cashiers are J. C. Johnson, P aul W intervold, C. L. Skoglund and Miss R uth Swanson. W hat Minnesota Statements Show D ECEM BER 31, 1942 The Northwestern Banker is pleased to publish Bank Statements received before going to press—put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N BANK A lb e rt L e a .............. F i r s t N a tio n a l B a n k . . . . A le x a n d ri a ...............F a r m e r s N a tio n a l B a n k . B e m id ji..................... F i r s t N a tio n a l B a n k . . . . B e n s o n .......................F i r s t S ta te B a n k ............... B ird I s l a n d ............. S t a t e B a n k o f ...................... C A S H IE R C a p ita l $ 100,000 . . . A . C. S c h n e id e r h a n 50.000 R. H, W elle 100.000 25,000 . . E d w . A n d e rs o n . . . 30.000 . . . J a s . K . T in k e lp a u g h 75,000 B r o w n s V a lle y . . . U n io n S ta t e B a n k . 20,000 , . . E ld rid g e L . P e te r s . 60,000 . . L y n n S. O ls o n ......... 100.000 C o n g e r .......................S ta t e B a n k H. C. H a n s o n ......... .. 10,000 C o s m o s .......................S ta t e B an k , . . H. L. S w a n s o n .... 15,000 H . A . W ils o n ............ 100,000 . . A ld en P e a r s o n . . . . 50.000 . . S y l v e s t e r T . S t r a i n . 2,000,000 D u l u t h ....................... C ity N a tio n a l B a n k . . . R o b t. H . M a g ie . . . . 600,000 • • J o r ic e E . B r o w n . . , 400,000 . . L . O. A n d e r s o n . . . . 1,000.000 ■■G. E . H e y m a n ......... 30,000 • ■L . H. E v e r e t t ............ 50,000 . . T . W. L o o n a n ......... 10.000 E lk R i v e r ................ B a n k of . M . C. T e s c h . . . . . . . 20.000 . , R . A . E l lin g s o n . . . . 25,000 E l ls w o r t h .................E lls w o rth S ta t e B a n k . . . G. P . B a u m a n ......... 20,000 E l y . . . , .....................F ir s t N a tio n a l B a n k .. . . G. T . S o m e r o ............ 50,000 . . J . H. S c h u k n e c h t. . 50,000 . . W. H. N o rm a n . . . . 50.000 . H . M . J o h n s o n ......... 50,000 ( . F . H o ld e n ............ 95,000 F a rib a u lt. .. . C h as. M acK en zie . . 125,000 F a rib a u lt. , . R a y M ey er .............. 50,000 . E . C. B e i m e r ............ 100.000 . . R . E . L i n c o ln ............ 100,000 . . B. W . L lo y d .............. 25,000 . ,G . P . M itc h e ll......... 75,000 H opkins ....................F i r s t N a tio n a l I . S. H. S e v e r s o n ......... 50,000 H u tc h i n s o n .............C itiz e n s B a n k s . 110,000 H . R . J e n s e n ............ Jeffers ....................... S ta t e B a n k . . . . , C. R . D u r o e .............. 25,000 . . J . J . J i r i k .................. 20,000 M a n k a t o ...................N a tio n a l B a n k ............... ■A . C. S t a l l m a n . . . . 100,000 M a n k a t o ................... N a tio n a l C itiz e n s B a n k . . . G. A H u d y ................ 200,000 . . K . E . S h e ffie ld ......... 50,000 M in n e a p o lis ............F ir s t N a ti o n a l B a n k ............................. . . J . G. M a c l e a n ......... 6,000.000 M in n e a p o lis ............M a r q u e tte N a tio n a l B a n k .................... . . M e rth E . M o rte n s o n 300,000 M inneapolis ............ M id la n d N a tio n a l B a n k & T r. Co. ..R o b e r t S. S te b b in s . 1,000,000 M inneapolis ............ N o r th w e s te r n N a tio n a l B. & T r. C > ..G u y E . M a s t e r s . . . . 5,000,000 M o n te v id e o .............. S e c u rity N a tio n a l B a n k ..................... 50.000 • • C. J . L i e s e r ................ 50,000 • • L a w re n c e M a u r its o n 100,000 M o r a ..........................K a n a b e c S ta t e B a n k . 60,000 N ew U l m .................S ta t e B a n k ..................... 40,000 . . E d w a rd A . S t o l l . . . H . 0 . D ille y .............. 75,000 . A . C. B u r g a n ............ 145,000 R ed w ood F a ll s . 25,000 M . O. H a n s o n ......... 50.000 • • Geo. E c k le s .............. • . F re d J . G o d e.............. 2,500,000 S t. P a u l ...................C o m m e rc ia l S ta t e B a n . L. L . D ic k m a n ......... 150,000 S t. P a u l ...................E m p ir e N a tio n a l B a n k . . . C. T . D e d o n .............. 500,000 . . A r t h u r W . M c N e e .. 6,000.000 190,000 , H a ro ld M. S c h w a r tz . . G. H . G r e a r e s ............ 30,000 . . C la re n c e G iesk e . . . 60,000 . . E . L eo N a s h .............. 50,000 . . W . D . Y a e g e r ............ 25,000 J . H . H a n s e n ............ 50.000 So. Gt. P a u l ............D ro v e rs E x c h a n g e S ta te B a n k . , . H . G. S w a n s o n . . . . 100,000 250,000 . . J . G. M c G a r r a u g h .. . . A . W . H e n s ru d . . . . 50,000 100,000 . . M. V irs h e k , A. C .. . 25,000 . . W a y n e T. B la c k m a rr W e lls ......................... P e o p le s S ta t e B a n k . 35,000 25,000 . . F . .1. T a y l o r .............. 100.000 . . Geo. W . O d e ll......... W i n o n a ..................... F i r s t N a tio n a l B a n k ................................. 250,000 . .C.C. W . B r i t t s .............. W in o n a ......................W in o n a N a to n a l & S a v in g s .................J . . J oo hhnn A m b o rs e n . . . 200,000 Northwestern Ranker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 S u r p lu s a n d L oans and P r o f its D is c o u n ts $ 92,187 $ 624,922 68,975 246,994 71,635 385,738 25,791 162,401 107,184 460,635 41,847 440,935 18,342 255,091 337,819 52,024 166,005 252,769 31,270 179,861 8,502 84,950 73,462 420,558 83,273 392,484 1,897,387 9,286,341 346,054 2,277,604 310,847 1,077,922 529.048 3,426,232 19,635 170,122 30,224 442,881 19.500 65,139 35,478 227,009 33,704 247,160 32,045 156,198 76,903 308,452 20,700 327,829 115,945 448,755 83,444 282,991 48,630 468,966 171,484 856,086 75,270 343,334 181,242 920,680 216,976 630,436 548,693 81,135 69,861 398.886 83,323 404,914 101,139 933,023 78,228 472,940 42,049 209,379 54,824 617,621 302,757 1,227,480 111,191 566,343 10,002,153 44,403,971 393,598 2,624,525 1,053,371 8,920,139 8,484,868 49,055,688 139,924 275,531 47,578 525,251 115,184 1,051,197 79,645 635,953 212,161 182,057 71.152 224,007 84.097 600,101 109,043 385,908 37,692 341,068 1,280,156 4.743,048 562,696 1.153,638 661,595 4,459,406 11,008,847 55,867,961 266,393 2,406,746 32,884 217,330 45,326 332,814 60,076 452,537 41,367 181,457 164,742 47,917 1,035,632 185,399 412,699 2,418,261 91,481 351.905 30,073 253,319 45,006 414,650 47.000 166,087 21,708 103,692 41.237 220,044 306,578 1.591,515 1,306,917 318,881 B onds and S e c u r itie s $ 1.634,642 860,611 1,270,020 474,375 418,809 1,041.069 150,175 690,967 2,336,755 127,131 47,524 766,347 915,611 24,722,357 6,329.440 7.387,946 7,939,768 127,816 805,057 129,420 284,056 265,960 192,671 681,057 349,539 1,016,954 868,354 786,758 1.982,976 646,996 1,868,863 1.107,411 848,243 879,091 655,761 581,995 170,420 258,120 738,562 3,969,203 1,354,783 142,979,787 5,040,965 20,046,824 150,389,767 1.506.943 484,242 804,853 471,438 1.460,352 984,044 1,583,237 613,520 516,501 32,047,523 3,914,960 6,464,605 89,138,140 3,905,685 414.385 721,306 616.377 122,130 865,389 1,388,905 7,347,600 992,807 340.565 187,715 346,777 314,532 1,158,182 3,916.611 2,566,727 C ash a n d D ue F ro m B a n k s $ 1.063,036 227,978 488,857 166,576 220,768 804.467 255,859 279,765 736,308 207,881 102,903 754,906 476,641 35,764,692 4,313,122 5,122,067 9.406,746 108,644 341,750 138,682 122,799 808,368 201,693 451,128 310,297 952,271 256,192 763,089 820,408 376,764 1,015,921 939,864 282,468 778,076 431,841 944,839 218,927 176,913 995,784 1,878,622 737,563 78,159,871 4,320,882 12,311,038 74,219,968 474,647 314,558 599,727 513,541 581,148 338,881 866,927 941,287 283,466 24,682,262 2,056,748 5,387,989 80,489,628 2,520,328 200,575 263,486 591,893 180,153 184,273 1,529,520 4.493,783 579,257 459,278 174,469 264,629 325,611 465,627 1,374,658 1,986,438 S D e p o sits 3,172,644 1,266,385 1,997,181 764,330 968,787 2,137,722 628,286 1,206,777 ,3,073,266 475,170 212,677 1.786,029 1,681,381 45,501.255 12,001,903 13,081,800 19,364,470 371,041 1,519,600 305,779 588,589 500,010 1,331,378 943,074 2,326,204 1,316,518 1,907,467 3,421,260 1,278,048 3,587,908 2,605,282 1,573,040 1,999,679 1,376,308 2,289,338 762,818 597,464 2,205,097 6,675,373 2,524,089 249,985,773 11,514,693 39,190,238 263.881,287 2,068,684 1,237,860 2,291,609 1,496,292 2,051,158 1,405-763 2,857,586 1,822,697 1,064,695 53,506,311 6,487,395 15,164,790 211,644,128 8,190,924 773,979 1,219,696 1,561,689 416,885 1,138,730 3,690,824 13,674,821 1,806,501 1,522,392 707,908 700,495 715,996 1,746,596 6,419,706 5,498,919 37 New Dim A t th e a n n u a l m eeting of th e stock holders of th e S tate B ank of New Ulm the follow ing d irecto rs w ere elected for th e ensu in g year: H erm an J. Aufderheide, W illibald E ibner, P e te r Kitzberger, W illiam C. M uesing, E d w ard A. Stoll, G ust A. Stuebe, and Dr. H ow ard A. Vogel. At a m eeting of th e board of d ire c t ors th e follow ing officers w ere elected: Mr. Stuebe, president; Mr. Stoll, vice p resid en t and cashier; Mr. K itzberger, W. J. Gareis, and F ra n k J. Schugel, assista n t cashiers; R. C. D um m er, P. J. Soukup, and L. J. D auer, tellers, and N aom i S toltenburg, bookkeeper. Bank Fixtures Remodeled The in te rio r of th e W in th ro p State B ank has underg o n e a m ark ed and in v itin g change in th e rem odeling of th e b an k in g fixtures and en larg in g of th e lobby. The top of th e fixtures has been low ered to a h eig h t of five and onehalf feet above th e floor and th e fix tu re s above th e co u n ter have been glazed w ith opaque glass, w ith u p p er six inches clear glass. Joins Executive Staff W ith th e a rriv a l of th e new year, B ertram E. B onn of M ontevideo joined th e executive staff of th e Security N ational Bank. A nnou n cem en t of B onn’s election by th e b a n k ’s d irecto rs w as m ade by W. A. G ru n ert, cashier. He said: “W e at th e S ecurity N ational B ank are glad to announce th a t B ert Bonn w ill assum e im p o rtan t executive duties in our bank. Cashier at Minnesota H a rry W. T illem ans, cashier of th e F irs t N ational B ank of H eron Lake, has ten d ered his resig n atio n to accept th e position as cashier of th e F arm e rs and M erchants State B ank a t M inne sota, w here his fath er, H. J. T ille m ans, is president. St. Paul Federal Savings and Loan Association Fourth at Wabasha Streets, St. Paul, Minn. A x el A. O lson, E x ecu tiv e S ecretary z% z% Current Dividend Rate Current Dividend Rate FINANCIAL STATEM ENT As of D ecem b er 31, 1942 ASSETS First M ortgages a n d C ontracts..........................................$1,659,761.74 Secured Loans to Investors.................................................. 17,579.00 R eal Estate O w ned a n d in Judgm ent............................... 4,521.11 Stock O w ned in the F ederal Home Loan Bank of Des M oines .................................................................................. 23,500.00 U. S. G overnm ent Bonds...................................................... 75,534.00 Furniture a n d Fixtures.......................................................... 4,817.64 O ther R eso u rc es..................................................................... 734.99 C ash on H and a n d in B anks................................................ 237,067.49 Total................................................................................$2,023,516.97 LIABILITIES S avings an d Investm ent S hare A ccounts.......................$1,728,459.15 A dvance from F ederal Home Loan Bank....................... 199,904.00 M ortgage Loans in Process.................................................. 11,220.33 R eserves a n d U ndivided Profits......................................... 80,020.04 O ther Liabilities....................................................................... 3,913.45 Total............................................................................... $2,023,516.97 New Assistant George H irschy, u n til recen tly c h a ir m an of th e W abasha county ratio n in g board, and fo rm er W abasha m ayor, has joined th e staff in th e F irs t State Bank, W abasha, as a ssista n t cashier, replacing C harles W hitm ore, w ho has resigned. Assistant Cashier Oren H elle is now a ssista n t cashier of th e F irs t N ational B ank of H a r m ony, hav in g ten d ered his resig n atio n as county food stam p supervisor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GROWTH RECORD O rganized a s a Federal July 27, 1935 July 27, 1935 D ecem ber 31, D ecem ber 31, D ecem ber 31, D ecem ber 31, D ecem ber 31, D ecem ber 31, D ecem ber 31, D ecem ber 31, ------- $ 73,197.76 1935, $ 157,141.18 1936, $ 403,700.81 1937, $ 676,358.97 1938, $1,017,053.32 1939, $1,233,054.58 1940, $1,612,633.62 1941, $1,813,594.83 1942, $2,023,516.97 Northwestern Banker February 19b3 38 w hich position he has held since Octo ber 18, 1940. Association Elects Serving C o m e s First In W ar Tim e W hen m en are fighting for life an d Freedom ; w hen a great Nation is absorbed in an all-out w ar effort . . . . self ad v an cem en t m ust give p lace to service to the com m unity an d Nation. H ER E IS O U R S E R V IC E R EC O R D F O R 1942 Led Home Loan Bank District VIII (5 states) in total sales of W ar Bonds; 7th in the Nation. O rganized a n d provided service for sale of W ar Stam ps in Saint P aul Public Schools. M artin Stai, bookkeeper a t th e State Bank, V irginia, w as elected presid en t of th e V irginia Clearing H ouse Asso ciation. He succeeds H a rry L indahl of th e A m erican E xecutive Bank. A r th u r Fossum , F irst N ational Bank, w as elected vice president; Steve M. Devich, F irs t N ational, w as elected sec retary -treasu rer, succeeding Mr. F os sum. Spring Meeting The an n u al sp rin g m eeting of th e executive council of th e A m erican B ankers A ssociation w ill be held in New Y ork City, A pril llth-14th, it is announced by W. L in n H em ingw ay, A.B.A. president. Mr. H em ingw ay is p resid en t of th e M ercantile-Com m erce B ank and T ru st Company, St. Louis, M issouri. T he executive council is the govern ing body of th e association, consisting of ban k ers chosen by the b an k ers asso ciations of th e 48 states and th e Dis tric t of Columbia. The W aldorf-A storia w ill be head q u a rte rs for th e m eeting. O ver 10% of payroll invested in W ar Bonds every pay-day. R eceived U. S. T reasury "T" aw ard. C ontributed seventeen of our young m en em ployees to the N ation's fighting forces. Provided W ar Bond Safe-keeping Service to the public . . . free of charge. Equipped Air Raid W ard en s in Twin Cities with official lum inous b a d g e s a n d First Aid folders. Provided safe a n d convenient facilities for 2,312 new savings custom ers. M ade n eed ed funds av a ila b le to 505 fam ilies for hom e financing. THIS IS A S E R V IC E IN STITU TIO N W IL L IS SAVINGS AND LOAN SA IN T PAU L - M in n e s o ta a t 4 th I N V E S T M E N T Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis — ASSOCIATION 123 So. 7 th St. - M IN N EA PO L IS I N Q U I R I E S February i9b3 I N V I T E D D. W YARD Mr. W yard, w ho has b een advanced from ex ecu tiv e vice p resid en t to p resid en t of tlie First and A m erican N a tio n a l B ank, D u lu th , jo in ed th e b ank in 1937, after servin g as an officer of th e N orth w est Banco rp oration , M in n eap olis. 39 Twin C ity News N NUAL m eetings of M inneapolis b an k s p r o d u c e d no radical changes in official staffs, being con fined largely to some sh ifts in d irecto r ates and several m erited prom otions. N o rth w e ste rn N ational B ank and T ru s t Com pany becam e N orth w estern N ational B ank of M inneapolis, as stockholders, a t th e ir sev en tieth a n nu al m eeting approved sim plification of th e nam e. D ean R. A. S teven son of th e U ni v e rsity of M innesota school of b u si ness ad m in istratio n and a recognized ex p ert in th e fields of accounting, eco nom ics and com m erce, w as elected to th e board of directors. He succeeded H a rry B. W aite, w ho died a few days before th e m eeting, afte r serv in g 22 y ears as a director. Mr. W aite, pioneer M inneapolis lu m berm an, w as ch airm an of th e building com m ittee of th e board w hich b u ilt th e p re se n t N o rth w e ste rn B ank B uilding, and as such w as largely responsible for th e successful p lan n in g and erection of th e larg est office stru c tu re in th e n o rth w est. R esigning f r o m th e board w as T hom as L. D aniels, w ho recen tly w as called to an im p o rta n t W ar P roduction B oard post in W ash in g to n from th e vice presidency of Archer-Daniels-M idland Company. W PB reg u latio n s re qu ired his severing connections w ith th e bank. D irectors r e - e l e c t e d all officers, headed by S hirley S. Ford, president, and Theodore W old, ch airm an of th e board. T h ree new a ssista n t tr u s t of ficers w ere elected: P aul S. Brorby, H en ry T. R utledge and H arry L. A T yson. Mr. B rorby is in th e corporate tr u s t division and has been w ith th e b an k and M innesota Loan and T ru st Com pany, its affiliate w hich m erged some y ears ago, for m ore th a n 20 years. Mr. R utledge has been w ith th e b an k for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By Jam es M. Sutherland Special C orre sp o n d en t 14 y ears and has been head of the tax division of the tru s t departm ent. Mr. T yson has been w ith th e b an k 18 years, form erly in th e credit d ep art m en t in th e com m ercial division, and for the p ast tw o y ears in th e new b u si ness division of th e tru s t departm ent. R eview ing th e y e a r’s operations, P resid en t F o rd term ed 1942 very satis factory profit-wise. He said th e pro portion of w om en em ployes has grow n from 53 to 68 p er cent in th e p ast year, and th a t th e b ank “has found them v ery satisfacto ry ” a fter p roper tra in ing. F irst N ational B ank of M inneapolis, w hich changed its nam e from F irs t N ational B ank and T ru st Com pany only a few w eeks ago, had 1942 e a rn ings com paring favorably w ith resu lts in th e b est of recen t years, P resid en t L ym an E. W akefield rep orted to stock holders. Out of th e y e a r’s earnings $592,000 w as added to th e b a n k ’s undivided profits and reserves w ere fu rth e r in creased. S tockholders elected tw o new direc tors: W . L. Huff, vice presid en t and tre a su re r of M inneapolis-H oneyw ell R egulator Company, and .T. G. Byam , vice presid en t of th e b an k since 1920. At th e ann u al m eeting of directors, eight officers w ere prom oted and tw o new officers added. K. M. M orrison, co m ptroller since 1923, w as nam ed vice p resid en t and com ptroller. .T. G. Maclean, an officer since 1914 and cashier since 1938, w as elected vice p resid en t and cashier. •T. A. M urphy, W . A. V olkm an, Gor don M urray, C. A. B urnham and R. W . H anson, form erly a ssistan t cashiers, w ere m ade a ssistan t vice presidents. In th e tru s t departm ent, A rthur C. R egan, form erly a ssistan t secretary and tru s t officer, w as nam ed secretary. In th a t capacity he succeeds H. V. B ruchholz, secretary of the b ank and its form er tru s t affiliate, since 1921. Mr. B ruchholz continues as vice p resi dent, a position he has held since 1941. P hilip H. N ason, associated w ith the b an k since 1936, except for two years in th e statistical division of F irst Serv ice C orporation, w as elected assistan t cashier. P. R. H arrison, form erly real estate officer of F irs t M inneapolis Com pany, an affiliate of th e bank, w as m ade real estate officer of F irs t N a tional. M idland N ational B ank and T ru st Com pany stockholders elected E d w . A. Schlam pp, presid en t and tre a su re r of P. Schlam pp & Sons, Inc., to the board of directors. Mr. Schlam pp follows in the footsteps of his father, w ho served as a director for m any y ears prio r to his death. D irectors re-elected officers headed by E dgar L. M attson, chairm an, and A rnulf U eland, president. H arry M. W illm ert w as elected assistan t cashier. He has been w ith th e b ank since 1925. At B loom ington-Lake N ational Bank, affiliate of F irs t N ational of M inne apolis, John G. M aclean w as elected p resid en t to succeed th e late Ju liu s S. Pom eroy. A director of BloomingtonLake for years, Mr. M aclean is vice presid en t and cashier of F irs t N a tional. H arold H. W ylie has been appointed by John N. P eyton, chairm an of the N inth D istrict V ictory F u n d Com m it tee, to th e post of regional m anager of th e com m ittee for M inneapolis and H ennepin county. Mr. AVylie has been Northwestern Banker February 19^3 40 • M I N N E S O T A NEWS F arm ers & M echanics Savings Bank th e bank operates for m ore th a n 35,000 em ployes of 206 M inneapolis firms. The b ank has added 25 em ployes to handle th is w ork. A ssets of F arm ers & M echanics have topped $80,000,000 for th e first tim e— m ore th a n half of th is being invested in U nited States Bonds or governm ent g u aran teed securities. has sold 159,807 W ar Bonds w ith face value of m ore th a n $10,000,000. More th an 92 per cent w ere Series E Bonds, sold to re g u la r custom ers, as w ell as th ro u g h payroll savings plans w hich The board of directors of WellsD ickey Company, 65-year-old M inne apolis in v estm en t house, have voted, subject to approval of stockholders, to associated w ith W ells-Dickey Com pany and recen tly w as elected gover nor of the T w in City Bond Club. He will w ork full tim e a t th is new posi tion, serving w ith H. D. T hrall, re gional chairm an Believed to be a u nique record, M in n e a p o lis -M o lin e w a s a w a r d e d the M a r itim e "M " P e n n an t, the V ic to ry Fleet F la g and M a r itim e L a b o r M erit B a d g e s (o r its e m p lo y e e s b y the U. S. M a r itim e C o m m issio n in re c o g n itio n for M M ’s o u ts ta n d in g p ro d u ctio n a c h ie v e m e n t. • close its business and term in ate its cor porate existence, according to Stuart W. AVells, president. The action, he said, w as prom pted by w h at seem to th e directors to be unfavorable conditions, p re se n t and in the n ear fu ture, for th e in v estm en t business. W ith a h isto ry dating back to 1878, th e com pany started as a p a rtn e rsh ip of E. P,. W ells and A lfred D ickey in th e early days of N orth D akota, deal ing in lands and farm loans. A fter th e firm had incorporated and m oved to M inneapolis in 1903, S tu a rt W. W ells entered th e com pany and a general bond and in vestm ent business w as added. L ater th e W ells-Dickey T ru st Com pany w as organized. In 1925 th is w as sold to w h at w as th e n M inneapolis T ru st Company, affiliate of F irs t N a tional Bank, w ith w hich it has since m erged. A t th a t L ym an E. W akefield, now presid en t of F irs t N ational, W. L. Ste venson, V ictor F. R otering and th e en tire personnel of W ells-Dickey T ru st Com pany w en t over to M inneapolis T ru st Company. Since th a t tim e, W ells-Dickey has en gaged exclusively in u n d erw ritin g and d istrib u tin g corporate and m unicipal bonds, handling stocks and doing gen eral in v estm en t business. T hree new vice presid en ts of F irst N ational B ank of St. Paul w ere nam ed at th e an n u al m eeting. A rthur W . McNee, m em ber of the staff 38 years and cashier since 1937, w as given new executive responsibili ties as vice presid en t and cashier. H arry E. K ern, a ssistan t cashier since 1931 and associated w ith the bank since 1910, also w as m ade vice president, as M M p ro d u cts a re on a lm o s t e v e ry M a r itim e s h ip that s a ils the se a s . . . so M M p ro d u cts h e lp p ro d u ce the fo o d for UNITED fre e d o m , a n d h e lp g e t it to o u r b o y s in the se rv ice w h e re v e r th e y m a y be. WE O r d in a r ily w e w o u ld ra th e r b u ild fa rm m a c h in e ry , but w ith w o r ld co n d itio n s a s th e y a re , yo u w ill a g r e e th a t the w in n in g of the w a r m ust be the first o b je c tiv e . . . B ecau se w h a t g o o d w o u ld it do if w e c o u ld g iv e o u r cu sto m ers a ll the farm m a c h in e ry th e y m ig h t d e sire a n d W E L O S T TH E W A R ? W e w ill n o w b u ild a ll the fa rm m a c h in e ry a llo w e d u n d e r G o v e rn m e n t L im ita tio n O rd e rs , a n d q u a lify p r o d u c ts for o u r A rm e d Forces to the ex ten t of o ur c a p a c ity . W h en V ic to ry is o u rs, w e w ill a g a in s u p p ly o ur cu stom ers w ith the w o r ld ’s MERIT m ost m o dern tra cto rs a n d farm m a c h in e ry . ....... ★ O v e r 5 7 7 M M E m p lo y e e s A r e N o w in th e A r m e d F o r c e s ! A. W . M c N E E w as Theodore I). Maier, on the bank staff since 1931 and a ssistan t cashier since 1931. Surplus of th e bank has been raised from six to eight m illion dollars, Presi'Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 41 d e n t R. C. L illy told stockholders. N et o p eratin g earn in g s for 1942 w ere $1,055,255, com pared w ith $1,003,175 in — i r— ...THE... PHILADELPHIA N A TIO N A L B A N K Organized l8o3 H. E. K ERN 1941. D ividends of $660,000, or 11 p er cent on th e capital stock, w ere paid d u rin g th e year. Glenn S. Baker, associated w ith F a rm e rs & M echanics Savings B ank fo r 28 years, w as elected a ssista n t se cretary a t th e an n u al m eeting. He D ec em b e r 3 1 , 1 9 4 2 R E SO U R C E S Cash and due from B anks . . . . U . S. G overn m en t S e c u r itie s. . . $ 2 1 3 ,1 9 4 ,4 1 4 .9 3 . 3 7 5 ,2 7 9 ,8 4 7 .5 2 State, C ounty and M u n icip al Securities 1 9 ,5 9 3 ,9 9 4 .2 4 O ther S e c u r i t i e s ........................................ 3 8 ,4 2 9 ,7 0 2 .9 9 Loans and D i s c o u n t s ............................. 8 1 ,4 6 1 ,5 2 0 .9 5 B ank B u i l d i n g s ........................................ 2 ,6 0 0 ,0 0 0 .0 0 A ccrued In terest R e c e iv a b le . . . . 1 ,8 3 7 ,3 0 3 .7 0 C ustom ers Liability A ccoun t o f A cceptances 7 7 2 ,0 2 1 .7 7 $ 7 3 3 ,1 6 8 ,8 0 6 .1 0 LIA BILITIES C apital S t o c k .............................................. $ 1 4 ,0 0 0 ,0 0 0 .0 0 T. D. M A IE R continues in charge of th e d ra ft de p artm en t. All o th er officers headed by Thom as F. W allace, chairm an, and H en ry S. K ingm an, president, w ere re elected. D irectors of F ed eral R eserve B ank of M inneapolis prom oted Otis R. P res ton from a ssista n t vice p resid en t to vice president, and elected R onald D. B ak er a ssista n t cashier. In addition to his g en eral b an k in g duties, Mr. P resto n in re c e n t m onths has specialized in sale of g o v ern m en t bonds. Mr. B aker has served as m an ag er of th e d ep artm en t of research and sta tistic s and of the d ep artm en t ad m in isterin g R egulation W for con tro l of consum er credit. W illiam J. R yan w as prom oted to Surplus and N e t P r o f i t s ............. 3 3 ,8 6 9 ,2 3 3 .8 5 R eserve for C o n t i n g e n c i e s ...... 3 ,0 4 8 ,1 7 1 .5 3 R eserve for T a x e s ....................... 1 ,7 7 6 ,3 1 5 .0 7 D iv id en d (P ayab le January 2, 1 9 4 3 ) . U n earn ed D isc o u n t and A ccrued Interest A c c e p t a n c e s .................................. D e p o s i t s ................................. 8 7 5 ,0 0 0 .0 0 1 6 4 ,9 0 9 .5 7 1 ,0 0 7 ,7 4 4 .9 5 6 7 8 ,4 2 7 ,4 3 1 .1 3 $ 7 3 3 ,1 6 8 ,8 0 6 .1 0 E V A N RAN D O LPH , President MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION P h ilad elp h ia, P a. a ssista n t cashier of Stock Y ards N a tio n al B ank, South St. Paul, a t th e a n n u a l m eeting. 1 F o u r M inneapolis b an k ers have been https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker February 19h3 42 • M I N N ESOT A nam ed to th e com m ittee of th e M inne apolis C learinghouse A ssociation to handle e n te rta in m e n t for th e an n u al m eeting of G roup One, W isconsin B ankers A ssociation, to be held in M inneapolis W ash in g to n ’s birthday. They are L. O. Olson, vice p resid en t of M idland N ational B ank & T ru st Com pany and p resid en t of th e M inne sota B an k ers A ssociation, chairm an; J. J. M aloney, a ssista n t cashier, F irs t N a tional Bank; F. W. Conrad, assista n t vice president, N o rth w estern N ational Bank, and O. H. Odin, executive vice president, M arquette N ational Bank. N E W S * A w artim e conference for ban k ers w ill be held a t th e U n iversity of M inne sota center for continuation study F e b ru a ry 11 to 13. Sponsored by the u n iv eristy, M innesota B ankers Associ ation and o ther in terested groups, the conference is a continuation of sim ilar m eetings held for th e p ast four years, alth o ugh geared m ore closely to the w artim e situ atio n th is year. Elected to La Monte Board H. Douglas Davis, vice presid en t and director of th e Plainfield T ru st Com pany, Plainfield, New Jersey, and for- m er p resid en t of th e New Jersey B ank ers A ssociation, w as elected a m em ber of th e board of directors of George La Monte and Son, m an u factu rers of La Monte Safety P aper, of N utley, New Jersey, at th e an n u al m eeting of stock holders, it is announced by George V. La Monte, presid en t of th e com pany. Mr. Davis fills th e vacancy left on th e board by th e death of th e late W illiam L. M organ, N ew ark a tto rn ey and b u si nessm an. E m ployed in 1909 by th e Plainfield T ru st Company, Mr. Davis has ad- “The Bank at the Yards ” Service at the Live Stock N ational Bank in Sioux City m eets every requirem ent of a correspondent bank. It provides im m ediate credit for livestock shipm ents a n d unlim ited outlet for feeder loans. It likew ise offers com plete facilities for the h a n dling of grain, h a y an d feed drafts. These, with num erous other services, m ake this b an k your log ical Sioux City correspondent. Come to Our Sioux City Group Meeting Friday, February 12th! O F F IC E R S C. L. Fredricksen, President M. A. W ilson , V ice President W . G. N elson, A ssista n t V ice President W . C. Schenk, Cashier H. C. L induski, A ssista n t Cashier C. L. Adams, A ssista n t Cashier J. S. Haver, A ssista n t Cashier Jam es L. Sm ith, Auditor D IR E C T O R S C. R. M cK enna, Pres., Johnson B isc u it Co. B. L. Sifford, A ttorney, Sifford & W adden G. F. Silknitter, President, Sioux City Stock Yards Company C. L. Fredricksen, President M. A. W ilson , V ice President H. C. B osw ell, Secretary-T reasurer, W estern C ontracting Corporation M em ber F ederal D eposit Insu ran ce C orporation 0 LIVESTOCK NATIONAL B A N K S I O U X C I T Y , IOWA Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 H. D O U G L A S D A V IS vanced steadily and in 1936 w as placed in charge of th e in stitu tio n ’s extensive tru s t departm ent. He w as elected di rector in 1942. Sim ilarly, he rose th ro u g h com m ittee ra n k s in th e New Jersey B ankers A ssociation and w as elected to th e presidency of th a t or ganization in 1940. In th e A m erican B ankers A ssociation he has held v a ri ous posts and is c u rre n tly a m em ber of th e executive com m ittee of th e tru s t division and a m em ber of th e state legislative council, w hile at th e sam e tim e serving as m em ber of the F ederal legislative com m ittee of th e state b an k division of th e A.B.A., and is chairm an of th e legislative com m ittee of th e New Jersey B ankers Association. In his b an king and association w ork he has m ade a host of friends. Bankers Trust Promotions At a m eeting of th e board of direc to rs of B ankers T ru st Company, New York, Messrs. J. W. Bloodgood and D. R. S tuart, Jr., form erly assistan t treasu rers, w ere elected assistan t vice presidents, and C. H. B runie w as elected real estate officer. 43 The F irs t N ational B ank of B eres ford held its ann u al m eeting of th e stockholders and directors recently. All of the incum bent officers and di recto rs w ere reelected to serve du rin g th e com ing y ear as follows: P resident, J. J. DeLay; vice president, A. R. Ol son; cashier, T. A. P eterson; and assist a n t cashier, Sophia M uhlenkort. Di rectors are: J. J. DeLay, S. O. Steensland, Jo h n O. Stene, A. R. Olson, and T. A. Peterson. City. O ther directors are Jo h n A. Bo land, W. H. Johnson and Geo. Philip, R apid City; A. A. Coburn, H. S. Black, C. O. Gorder, Dr. F. S. Howe, W. G. Rice, Deadwood; F re d H am pton, S tu r gis; D. J. Hull, Newell; M ajor Jo h n M. R yan and M ason Tyler, Lead. Vice presid en ts and m anagers nam ed w ere Wm. A ndrew s, Lead; Gorder, Deadwood; D eW itt M alvin, Belle Fourche; W. L. Voight, H ot Springs, H ull, Newell; W. E. Dickey, Spearfish, and G. A. M cG arraugh, Sturgis. O ther vice p residents are Noel W. K lar, R apid City, vice presid en t and cashier, and M ajor R yan and Tyler, Lead. A ssistant cashiers and o th er officers, include: H. R. Brow ning, Jam es T. Noble and H. R. Lorlocker, R apid City, assistan t cashiers; M aude C. Nelson, assistan t cashier and auditor; W. J. Schoen, Lead, a ssistan t cashier; A. H. Shostrom , Deadwood, a ssistan t cashier and a ssistan t m anager; H. P. P erson and Jo h n E. Baggaley, Deadwood, a ssistan t cashiers; Geo. C. Johnson, Belle F o u r che, a ssistan t cashier and a ssistan t m anager; H. W. Cooper, Belle Fourche, a ssistan t cashier; R alph M attson, H ot Springs, assistan t cashier and assist a n t m anager; C. C. Fogelberg, Newell, a ssistan t cashier and assistan t m an ager; F re d J. B oettger, Newell, assist a n t cashier; C. R. McCain, Spearfish, a ssistan t cashier and assista n t m an ager; George W. Milne, Sturgis, a ssist a n t cashier. First National, Black Hills Rapid City National C ham bers K ellar, Lead, w as re elected ch airm an of th e F irs t N ational B ank of th e Black Hills, at an annual m eeting held in R apid City. R obert E. Driscoll w as reelected p resid en t and C. C. A nderson, execu tive vice president. Both are of R apid At an an n u al m eeting of stockhold ers of th e Rapid City N ational Bank, recently, the board of directors consist ing of H. J. D evereaux, Roy Dean, A. E. Dahl, W. E. Shoberg and E a rl K eller, w as reelected. Im m ediately afte r th e stockholders SOUTH D A K O T A NEW S H. N. TH O M SO N P r e s id e n t P re s h o Sioux Falls F ew changes w ere m ade in ro ste rs of officers and d irecto rs of Sioux F alls banks a t a n n u al elections held last m onth. A t th e N ational B ank of South Da kota, B. C. G rangaard, fo rm erly cashier of th e F irs t N ational B ank at W indom , Minn., w as elected a ssista n t cashier, and W. J. C orcoran w as listed as auditor. A pp o in tm en t of C. W. Davis, fo rm er ly a ssista n t cashier of th e N ational P a rk B ank at L ivingston, Mont., as a ssista n t m an ag er of th e H u ro n b ran ch of th e N ational B ank of South D akota w as confirmed. The N o rth w est S ecurity N ational B ank election found J. V irgil Lowe, cashier, prom oted to th e position of vice p resid en t and cashier. R. E. A rm strong, a ssista n t cashier of th e U nion Savings B ank w ho joined th e board of d irecto rs d u rin g 1942, w as reelected. No changes w ere m ade at th e F irs t N ational B ank and T ru st Com pany. Lennox All officers w ere reelected as the stockholders of th e E xchange B ank of G E O R G E M . S T A R R IN G S e c re ta ry -T re a su re r H u ro n L ennox held th e ir an n u al m eeting. Oscar C. B urke, Sidney A. Jacobs, George B ultena, H arold Bogue, and O. D. H anson w ill again serve on the board of directors. Officers of the b an k w ill again be: Oscar B urke, presdent; George B ultena, vice president, and Sidney Jacobs, cashier. Beresford ^X^hat South Dakota Statements Show D ECEM BER 31, 1942 The Northwestern Banker is pleased to publish Bank Statements received before going to press— put us on your mailing list and send us your statements immediately after each call. If your bank is not included i the list below it is because YOU did not send in your statement. Please do so next time. TO W N BANK C A S H IE R A b e r d e e n ................ A b e rd e e n N a tio n a l B a n k & T r. C o ..C la y to n W a lk e r . . . . j A b e r d e e n ................. F i r s t N a tio n a l B a n k .................................. J . E . K o c h .................... C e n t e r v il le .............. B a n k o f ............................................................ J o h n N . T h o m s o n . . . M ilb a n k ..................... D a k o ta S ta t e B a n k .................................................................................. M ill e r ..........................F i r s t N a ti o n a l B a n k ..................................L . E . W e a v e r ............... M itc h e ll..................... C o m m e rc ia l T r u s t & S a v in g s B a n k .E . A . L o o m e r ............ M itc h e ll.................... M itc h e ll N a ti o n a l B a n k ............................. J . N . S h e lb y .................. R a p id C it y ..............F ir s t N a ti o n a l B a n k .................................... N o e l W . K l a r ............... S io u x F a l l s ............. F i r s t N a tio n a l B a n k & T r . C o.............W . E . P e r r e n o u d . . . S io u x F a l l s ..............N o r th w e s t S e c u r ity N a t i o n a l ................ J . V ir g il L o w e ............. V e r m i lli o n .............. C itiz e n s B a n k .................................................F . E . B o w m a n ............. W a t e r t o w n .............. F a r m e r s & M e r c h a n ts B a n k .................................................................. Y a n k to n ................... F i r s t D a k o ta N a t i o n a l ..............................H . C. D a n f o r t h .......... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C a p ita l 100,000 350,000 50,000 25,000 50,000 178,500 100,000 500,000 365,000 500,000 50,000 50,000 100,000 S u r p lu s a n d P r o f its $ 212,895 301,139 23,841 33,772 127,721 73,250 73,040 582,876 382,417 692,747 29,862 85,663 72,020 L oans and D is c o u n ts $ 795,073 3,376,054 362,320 427,145 780,163 768,780 729,041 4,495,515 1,844,862 4,676,788 471,292 698,682 671,611 Bonds an d S e c u r itie s $ 2,452,695 5,353,357 149,519 222,300 773,522 1,493,087 950,650 8,217,953 6,048,772 9,565,058 287,365 699,000 448,001 C ash a n d D ue F ro m B an k s S 1,247,010 3,068,499 380,349 271,619 330,433 1,022,387 1,085,689 4,526,121 5,791,897 6,706,993 238,811 615,143 1,259,736 Northwestern Banker D e p o s its S 4,250,682 11,275,505 839,074 870,816 1,721,666 3,113,504 2,634,140 16,308,929 13,088,476 20,140,121 935,832 1,882,270 2,271,628 February 19^3 44 -• SO U TH m eeting th e directo rs elected Dean chairm an of th e board; Dahl, president; D evereaux, vice president; Shoberg, cashier, and K eller, H. B. B rockett and L oren Myli, a ssista n t cashiers. Review ing th e past year, directo rs stated “in m any w ays the y e a r 1942 w as one of th e m ost im p o rtan t and eventful since our organization in 1934. “The n u m b er of custom ers served has nev er been greater. D eposits in creased d u rin g th e y e a r 92 p er cent, from $3,194,119.57 to $6,126,356.70. Re- D A K O T A NEWS sources reached a new high of $6,469,515.41. Prominent Banker Dies F ra n k D. Peckham , form er state senator, one-time secretary of the South D akota B ankers A ssociation and once p ro m in en t citizen of A lexandria, South Dakota, died at his hom e at 1109 South D uluth A venue, last m onth. He w as 65. He had been in ailing health for m any m onths, th e re su lt of a stroke suffered in 1935. He m ade his hom e Guaranty Trust Company oí" New lo r k Fifth Ave. at 44th St. 140 Broadway Madison Ave. at 60th St. London: 11 Birchin Lane, E. C. 3; Bush House, W. C. 2 C ondensed Statem en t o f C ond ition , D ecem b er 3 1 , 1 9 4 2 RESOURCES Cash on Hand, in Federal Reserve Bank, and Due from Banks and B a n k e r s.................................. $ 640,745,488.93 U. S. Government Obligations . . . . . . . . 1,692,372,867.88 Public S e c u r it ie s .......................................................... 46,676,486.16 Stock of the Federal Reserve B a n k ............................. 7,800,000.00 Other Securities and O b lig a tio n s ............................. 21,754,946.79 Loans and Bills P u r c h a s e d ....................................... 563,913,215.91 Credits Granted on Acceptances.................................. 1,207,213.88 Accrued Interest and Accounts Receivable . . . . 7,634,055.83 Real Estate Bonds and M o r tg a g e s............................. 1,686,078.11 2 ,9 8 3 ,7 9 0 ,3 5 3 .4 9 10,603,604.19 1 ,104,664.63 Bank Buildings . Other Real Estate Total R esources.................................. $ 2 ,9 9 5 ,4 9 8 ,6 2 2 .3 1 LIABILITIES D e p o s i t s .......................................$2,676,622,241.77 Treasurer’s Checks Outstanding 21,639,937.96 Acceptances........................................$4,722,150.08 Less: Own Acceptances Held for Investm ent..................... 3,514,936.20 1,207,213.88 Liability as Emdorser on Acceptances and Foreign B i l l s ............................................................... Foreign Funds B o r r o w e d ....................................... .... Dividend Payable January 2, 1943. . . . . . . Items in Transit with Foreign Branches and Net Difference in Balances Between Various Offices Due to Different Statement Dates of Foreign B ranches......................................................................... Miscellaneous Accounts Payable, Accrued Taxes, etc. 73,911.00 152,550.00 2,700,000.00 1,309,555.54 9,246,152.82 2 ,7 1 2 ,9 5 1 7 5 6 2 .9 7 Total Capital F u n d s .................... 2 8 2 ,5 4 7 ,0 5 9 .3 4 $ 2 ,9 9 5 ,4 9 8 ,6 2 2 .3 1 S e c u r i t ie s c a r r i e d a t $ 6 1 7 , 3 3 5 , 8 5 8 . 6 2 in t h e a b o v e S t a te m e n t a r e p le d g e d to q u a lif y f o r f id u c ia r y p o w e rs , to s e c u r e p u b l ic m o n ie s a s r e q u i r e d by law , a n d f o r o t h e r p u r p o s e s . T h i s S t a te m e n t i n c lu d e s t h e r e s o u r c e s a n d l i a b i l i t i e s o f t h e E n g lis h B r a n c h e s as o f D e c e m b e r 2 6 , 1 9 4 2 , F r e n c h B r a n c h e s a s o f S e p te m b e r 3 0 , 1 9 4 2 , a n d B e lg ia n B r a n c h a s o f O c to b e r 3 1 , 1 9 4 1 . M em ber F ederal D eposit Insurance Corporation February 1943 Veteran Banker Retired A fter over 46 y ears service w ith th e F irst N ational B ank of th e Black Hills, M ason T yler has resigned the position of vice presid en t and assist a n t m anager of th e Lead branch, re tirin g to his farm in th e vicinity of Spearfish w here he expects to spend m ost of his time. 1942 a Good Year F. G. Grosz, vice presid en t of the Bowdle S tate Bank, rep o rts th e close of an excellent y ear in th a t com m u nity. Prices w ere good, land values are booming, city p ro p erty values are up, and th ere is good dem and for all property, both ru ra l and urban. The Bowdle S tate Bank, after de claring th e usual dividend, increased its su rp lu s by $2,000. Officers of th e ban k recently elected are J. K. K urle, presid en t and board chairm an; F. G. Grosz and Jo h n C. Gross, vice presi dents; H. C. Gross, cashier; M ary Bork irch ert, a ssistan t cashier, and L ester G. Grosz, teller. The D rovers T ru st and Savings B ank elected George A. Malcolm and Dale E. C ham berlain to its board of directors at th e an n u al m eeting of stockholders held Ja n u a ry 12, 1943. All th e p resen t officers and directors of th e D rovers N ational B ank w ere reelected a t the an n u al m eeting of stockholders. Coming Conventions Capital ............................................ $ 90,000,000.00 Surplus F u n d .................................. 170,000,000.00 Undivided P r o f i t s ......................... 22,547,059.34 Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis in Sioux Falls in recent years. D uring his lifetim e he ta u g h t school, w orked in a law office, published a new spaper at A shton, South D akota and at 21, becam e bookkeeper of the F irs t N ational B ank of A lexandria. L ater he w as chosen presid en t of this b ank as well as of th e E m ery State B ank at E m ery, South Dakota. Named Directors $ 2 ,6 9 8 ,2 6 2 ,1 7 9 .7 3 Total Liabilities . . . . . . . . . • F e b ru a ry 9-11, ABA C onference on T ru st Problem s, W aldorf-A storia, New York. F e b ru a ry 12, Group One, Iowa B ank ers A ssociation, Sioux City, H otel M artin. F e b ru a ry 22, Group Eleven, Iow a B ankers Association, B urlington, H otel B urlington. Ju n e 9-10, A m erican In stitu te of Banking, Chicago. Ju n e 16-18, M innesota B ankers As sociation, M inneapolis, H otel N icollet (ten tativ e). Ju n e 23-24, W isconsin B ankers As sociation, M ilwaukee. 45 D irectors are Mr. B raun, Mr. M urray, Jam es T. Pow rie, George F. Reeder, H a rry S tern and G ilbert Reeder. NORTH New Bank Employe DAKOTA J . O . M IL S T E N P r e s id e n t B elfield NEWS Valley City E rie L. F o u k s wes reelected p re si den t and o th er officers and d irectors of th e F irs t N ational B ank of Valley City w ere ren am ed a t th e a n n u al m eet ing. One new officer w as elected. He is Tom Y aeger w ho w as nam ed a s sista n t cashier. O ther officers are L. T. Sproul, vice president; H. M. E rickson, cashier, and E. G. M osher, a ssista n t cashier. D irectors are J. M. Connors, Mr. Fouks, L. H. Ickler, Jr., Dr. C. J. M eredith and Mr. Sproul. Jamestown Jam esto w n b anks held a n n u al m eet ings d u rin g J a n u a ry and elected offi cers. P. J. S chirber w as reelected p re si dent of th e Jam es R iver N ational Bank. A. J. R ulon is vice president; E. W. H auser, cashier, and H. O. Fenno a ssista n t cashier. A. J. L in n of th e Jam esto w n Im ple m en t Com pany w as elected to th e board of directors, ta k in g th e place of M. J. G rettenberg, cashier. Mr. H au ser w as advanced from a s sista n t cash ier to cashier and Mr. Thom as P. Borgen, of Minot, has taken a position w ith th e F arm ers S tate B ank at Crosby, succeeding B. J. R ogelstad w ho resigned. F o rm erly a resident of B urke county B orgun u n til recently has been em ployed w ith the office of the state tax com m issioner. C. C. W A T T A RI S e c r e ta r y F a rg o F enno from teller to a ssistan t cashier. L. H. Ickler w as elected president of th e N ational B ank of Jam estow n. George A nderson is cashier and C. B. Moe is a ssistan t cashier. M em bers of th e board of directors, F. A. B urton, Dr. P. G. A rzt, Mr. Ickler, H. G. P ro cter and R. R. W olfer, w ere reelected. Grand Forks F re d R. O rth w as renam ed p resid en t of F irs t N ational B ank and A. G. B jerken renam ed to head both Red R iver N ational and M innesota N ation al b anks at annual stockholders’ m eet ings last m onth. No changes w ere m ade in eith er officers or directors at F irs t N ational Bank. Jo hn H esketh w as added to th e board at Red R iver N ational Bank. Wahpeton Officers Reelected A. C. T horkelson w as reelected p resid en t of th e A m erican N ational Bank, Fargo, a t the annual m eeting recently. R. M. H ougen w as renam ed vice p resident and cashier and Magne M ickelson, a ssistan t cashier. All di rectors w ere reelected, including K arl J. Olsen, Roy A. Ployhar, Wm. L. Paulson, Mr. T horkelson and Mr. Hougen. A v ery satisfactory y e a r du rin g 1942 w as reported. B ank deposits at th e close of th e y ear w as at an alltim e high of $1,356,377.83. Deposits Doubled D eposits of th e R olette C ounty B ank of Rolla m ore th a n doubled in th e last six m onths, jum ping from $372,818 to $798,621. In the sam e period loans and discounts jum ped from $102,970 to $418,012. S. H. M urray w as elected p resident of directors a t an annual m eeting of th e Citizens N ational B ank stockhold Deposits Hit New High ers. O thers elected w ere Carl B raun, F argo b an k deposits increased 46 vice president; G ilbert Reeder, cash per cent in th e last y ear and have ier; A. F. Bader, B. P. M cCusker and soared to h eights never before ap E a rl Robinson, assistan t cashiers. proached, local ban k ers say. In con- W h at North Dakota Statements Show DECEM BER 31, 1942 The Northwestern Banker is pleased to publish Bank Statements received before going to press put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N B is m a r c k . . . . B is m a rc k C a rrin g to n . . D ic k in so n D r a k e .............. F a r g o .............. F a r g o .............. G r a f t o n .......... H o p e ................. J a m e sto w n . . J a m e sto w n . . M in o t.............. N o r th w o o d . . . R u g b y .............. V a lle y C i t y . . W a tf o r d C ity BANK C A S H IE R C a p ita l .D a k o ta N a tio n a l B a n k & T r u s t C o .. . A . A . M a y e r ..............$ 100,000 F i r s t N a tio n a l B a n k .................................B. F . L a w y e r ... 200,000 F o s te r C o u n ty S ta t e B a n k ...................G uy Cook .................... 30,000 F i r s t N a ti n a l B a n k ...................................T . A . T o lle f s o n ......... 100,000 .F ir s t N a ti o n a l B a n k ................................. H . M . R o s s e b o ........... 25,000 .F i r s t N a ti o n a l B a n k & T r u s t C o . . . . J . P . F a r r e l l ................ 350,000 .M e r c h a n ts N a tio n a l B a n k ..................... C. H . O ls o n ..... 150,000 G ra fto n N a ti o n a l B a n k ..........................D. M. U p h a m ... 75,000 F i r s t S ta t e B a n k o f ................................... M . G. P e d e r s o n ......... 20,000 J a m e s R iv e r N a tio n a l B a n k .................E . W . H a u s e r , A . C . 100,000 N a tio n a l B a n k o f .......................................Geo. A . A n d e r s o n . . . 100,000 •U n io n N a ti o n a l B a n k .............................. J . S . W e s t la k e ........... 100,000 N o rth w o o d S ta t e B a n k ............................ T h eo . H . T u f t e ......... 25,000 C itiz e n s S ta te B a n k ................................... L . N . S e s s in g ... 25,000 .A m e ric a n N a tio n a l B a n k ........................R . M . H o u g e n ............ 50,000 F i r s t I n t e r n a t i o n a l B a n k ....................... O. N . S te n e h je m . . . . 20,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S u r p lu s a n d P r o f its $ 88,632 284,633 68,466 108,351 38,607 440,744 254,925 90,435 16,253 25,737 55,951 66,164 38,896 54,555 37,396 13,699 L oans and D is c o u n ts $ 601,468 775,086 523,985 452,142 695,314 3,146,268 1,267,516 887,744 477,833 784,908 795,954 726,504 481,127 650,481 599.900 555,422 B onds and S e c u r itie s $ 1,294,782 3,400,620 374,366 1,435,206 265,400 5,898,909 3,627,355 1,100,211 61,792 1,046,791 1,361,370 1,164,900 370,041 310,028 506,338 198,343 C ash a n d D ue F ro m B a n k s $ 968,279 1,578,178 440,372 821,015 318,006 4,743,046 1,571,558 518,766 71,061 674,220 708,235 697,114 363,354 371,087 320,341 306,168 Northwestern Ranker D e p o sits $ 2,726,328 5,366,072 1,259,430 2,560,414 1,221,856 13,305,508 6,098,704 2,331,716 574,506 2,361,813 2,727,751 2,489,916 1,154,217 1,252,043 1,356,377 1,015,551 February 19b3 46 • N O R TH D A K O T A NEWS finance th e ir p urchases of feeder live stock and o ther farm ing operations, w hereas th ey form erly borrow ed ra th e r heavily for th is purpose. trast, loans and discounts are dow n 22 per cent for F argo banks. T otal resources of all Fargo-Moorhead ban k in g in stitu tio n s, including th e building and saving and loan associations, are $41,570,999, not only th e h ig h est on record, b u t probably $10,000,000 or m ore above any previous figures. F arg o b an k ers a ttrib u te th e decline in loans and discounts on th e w est side th e riv e r to several causes. F arm e rs have been liquidating indebtedness and also m any of th em have cash to N EW S A N D VIEW S (C ontinued from page 15) had m ore trouble. I had a S ergeant w ho stu ttered and it took him so long to say “H a lt” th a t 27 of us m arched overboard. T hey pulled us out and lined us up and th e C aptain said “F all in.” I said, “I ’ve been in.” The First N ational Bank of Chicago Statement of Condition December 31, 1942 A S SETS C ash and D u e from B anks, . . . . • •$ 4 2 2 ,7 6 2 ,1 7 6 .8 0 U n ited States O b lig a tio n s—Direct and fully Guaranteed, U n p l e d g e d , ......................................... $ 5 8 5 ,1 5 0 ,8 2 6 .8 9 P led ged — To Secure Public Deposits and Deposits Subject to Federal Court Order, 3 1 7 ,4 8 9 ,8 0 6 .9 4 To Secure Trust Deposits, . . 2 7 ,7 2 0 ,1 5 0 .1 7 Under Trust Act of Illinois, . . ____ 5 1 7 ,7 4 6 .3 4 O th er B on d s and Securities, • Loans and D isco u n ts, . . R eal Estate (B a n k B uild in g), . . Federal R eserve B a n k Stock, . O ther A ssets, . . . 2 ,4 0 0 ,0 0 0 .0 0 7 3 5 ,2 9 6 .4 0 . . . 3 2 8 ,4 7 7 ,4 8 2 .9 1 4 ,5 5 3 ,6 2 2 .5 8 C ustom ers’ L iability A cc o u n t o f A ccep tan ces, Interest Earned, n o t C ollected , 9 3 0 ,8 7 8 ,5 3 0 .3 4 7 3 ,2 9 9 ,5 9 1 .6 1 3 ,7 5 4 ,7 0 6 .8 8 2 2 1 ,4 4 2 .5 3 $ 1 ,7 6 7 ,0 8 2 ,8 5 0 .0 5 L I A B I L I T I E S C apital Stock, Surplus, . 3 0 .0 0 0 . 0 0 0 .0 0 ..............................................................•$ . . . . . . . 5 0 .0 0 0 . 0 0 0 .0 0 . . 3 ,1 5 6 ,7 7 2 .9 3 D iscou n t C ollected , but n ot Earned, . . . . 5 7 7 ,2 6 5 .2 6 D ivid en d s D eclared, but U n p a id , . . . . 7 5 0 ,0 0 0 .0 0 . 4 ,9 3 2 ,2 4 6 .7 0 . 8 8 1 ,1 4 1 .5 6 O ther U n d iv id ed Profits, . R eserve for T axes, etc., . . . Liability A cco u n t o f A ccep tan ces, T im e D ep osits, D em an d D eposits, . . . . . . . . . . . • $ 1 7 4 ,3 8 6 ,4 8 3 .4 2 . . . D eposits o f P ublic F unds, 1 ,1 6 3 ,8 3 4 ,3 7 3 .9 9 3 3 8 ,5 5 3 ,1 5 9 .4 5 1 ,6 7 6 ,7 7 4 ,0 1 6 .8 6 L iabilities oth er than those above stated, Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . February 1943 . . . _________1 1 ,4 0 6 .7 4 $ 1 ,7 6 7 ,0 8 2 ,8 5 0 .0 5 • W e landed in A ustralia. W e w ere im m ediately sent to th e tren ch es a t D arw in. A fter th ree n ights in th e tren ch es th e cannons sta rte d to ro a r and shells sta rte d to pass about us. 1 w as sh ak in g w ith patriotism ! I tried to hide behind th e trees, b u t th ere w ere n ot even enough for the officers. T he C aptain came aro u n d and said, “Five o’clock and over th e top we go.” I said, “C aptain, I ’d like a w ord w ith you.” He said, “H av en ’t you got any blood in you?” I said, “Yes, b ut I don’t w an t to see any of it.” He said, “W here do you w an t to go?” I said, “A nyw here, w here it is w arm .” He told me w here to go. Five o’clock we w en t over th e top. Ten th o u san d Jap s cam e at us. The w ay th ey looked a t me, y o u ’d th in k I sta rte d th e w ar. Our C aptain yelled “F ire at w ill.” B ut I d idn’t know any of th e ir nam es. I guess th e fellow behind me th o u g h t I w as “W ill.” He fired his gun and shot me in th e ex citem ent. On th e w ay to th e hospital I asked a fellow w here th ey w ere tak in g me. He said, “Y ou’re going to th e m orgue.” I said, “T h ere’s some m istake, I ’m n o t dead.” He said, “Lie down, do you w an t to m ake a fool out of th e doctor?” F in ally a p re tty nu rse cam e and said, “Move over.”—W hat am I saying? T h at w as an o th er story. W alter E. Spahr, secretary of th e E conom ists’ N ational Com m ittee on M onetary Policy and professor of eco nom ics at New Y ork U niversity, in an open le tte r to congress charges th a t issuance of $660,000,000 of F ed eral Re serve B ank notes by th e tre a su ry is unau th o rized by law and a form of “greenbackism .” He says, “If our tre a su ry and F ed eral R eserve au th o rities are to reso rt to greenbackism , th ey should do so openly and inform congress and the people of th a t fact.” “The follow ing facts are not to be controverted, he says:— “1—T here is no law au th o rizin g th e tre a s u ry ’s action in issuing F ederal R eserve B ank notes in any am ount w hatever. “2—Such notes can be legally issued only by F ed eral R eserve B anks an d only in accordance w ith provisions of th e F ederal R eserve act. “3—The new so-called F ederal Re serve B ank notes are not issued by th e F ederal R eserve B anks and are not liabilities of these banks. “4—T he statem en t on th e face of these notes to th e effect th a t th ey are ‘secured by U nited States bonds de- 47 • N O R TH posited w ith th e tre a s u re r of th e U nited S tates of A m erica or by like deposits of o th er secu rities’ is a false hood.” W illiam N. Johnson, vice p resid en t of th e N o rth w e ste rn N ational B ank of M inneapolis, in v ited us to have lu n ch eon w ith him an d o th er officers of his ban k in th e D unw oody Room, w h en w ere in th e b an k recently. T he room, w hich is v ery b eau tifu lly decorated, is nam ed a fte r W. H. D un w oody w ho w as p resid en t of th e b an k in 1903. O ther officers of th e b a n k w ho dined a t our table w ere R. E . MacGregor, vice p resident; John B u rgess, vice president; and F rederick AV. Conrad, assista n t vice president. Also lu n ch in g w ith us w ere T. S. Jack son of th e St. P au l T erm in al W arehouse Com pany, and his son, D onald R. Jackson, 24, w ho is a Second L ie u te n a n t in th e 385th In fa n try sta tioned a t F t. George D. Meade, M ary land. L ieut. Jackson received his com m is sion on May 15, 1942, a t F t. B enning, Georgia, and previous to th a t tim e w as w ith th e 20th In fa n try , 6th Di vision, at F o rt L eonard Wood, Mis souri. Before en te rin g th e service L ieut. Jack so n w ork ed for th e N o rth w estern N ational B ank in th e ir G rain D raft and B ookkeeping departm en ts. P aul C lem ent, se cretary and g eneral m an ag er of th e M innesota Com m ercial M en’s A ssociation of M inneapolis, has a son, D ouglas Clem ent, who, since Ju n e 1942, has been w ith the U. S. A rm y in H onolulu, H aw aii, w h ere he is a m achine g u n n er. On th e outside of an envelope w hich Mr. C lem ent re ceived from his son w as p rin te d “L et’s go, it’s K. O. for T ok yo”. Mr. C lem ent also has tw o v ery b eau tifu l and ch arm in g daugh ters, M arjorie and June. M arjorie is Mrs. Jam es AAJiite, w hose h u sb an d is w ith th e M arines a t P a ris Island, South Carolina. Ju n e is m a rrie d to L ieut. Jack Sm alley, w ho is w ith th e T an k D estroyer D ivision at Camp Hood, Texas. W illiam D uncan, Jr., S ecretary of th e M innesota B an k ers A ssociation, has v ery delightful offices in th e R and T ow er in M inneapolis, and am ong o th er photo g rap h s w hich adorn his w alls are au to g rap h ed photo g rap h s from G overnor H arold E. S tassen of M innesota, and H arold Stonier, ex ecutive m an ag er of th e A m erican B an k ers A ssociation of N ew York. In addition to th e tw o H arolds a p ictu re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D A K O T A NEWS of Abraham L incoln is also on th e w all b u t th is is n o t autographed. Charles C. R ieger, m anager of th e Bond D epartm ent of Jam ieson & Com pany, and his son, C harles John R ieger, h ad cocktails w ith us w hen we w ere in M inneapolis. Chuck, as he is b e tte r know n, is also associated w ith Jam ieson & Company. H e g raduated from St. T hom as in 1930 and w orked for th e F o rem an N ational B ank in Chicago for a y ear and th e n came back to M inneapolis. F o r eight y ears • he w as an invalid, suffering from tuberculosis of th e spine, b u t has fully recovered and looks as hale and h earty as any football star. Attn Boy, Mac “Is th ere a m ackintosh in here th a t is large enough to keep tw o young ladies w arm ?” “No, b u t th e re ’s a M acPherson w ho is w illing to try .” Central Hanover Bank and T rust Company N EW Y ORK Statement of Condition at Close of Business December 3 1 , 1 9 4 2 ASSETS Cash and D ue from B a n k s ....................................... $ 4 1 0 , 8 1 0 , 1 1 9 . 5 2 U . S. Governm ent S e c u ritie s.......................................... 9 1 8 , 7 7 3 , 0 0 5 . 5 0 State and Municipal S e c u r i t i e s ........................... 3 0 ,4 8 8 , 528 .9 5 O ther S e c u r i t i e s ...................................................... 18 ,0 7 9 , 594.79 Stock in Federal Reserve B a n k ........................... 2,4 3 0 ,000.00 Loans and Bills P u r c h a s e d .......................................... 2 3 9 , 7 0 4 , 0 3 1 . 4 7 Real Estate M o rtg ag es............................................... 5, 586,385.29 Banking H o u s e s ...................................................... 14 , 300,0 10 .0 0 O ther Real E s t a t e ...................................................... 7 1 5 ,3 5 7 .6 7 Interest A c c r u e d ...................................................... 1 ,79 7, 143.94 Customers’ Liability Account of Acceptances . 1 , 17 0 ,743.04 T otal $ 1 , 6 4 3 , 8 5 4 , 9 2 0 . 1 7 LIA BILITIES C a p i t a l ................................. $ 2 1 , 0 0 0 , 0 0 0 . 0 0 S u r p l u s .................................. 6 0 , 0 0 0 , 0 0 0 . 0 0 Undivided Profits . . . 19 ,6 6 1 ,924.33 $ 10 0 ,6 6 1 ,9 24 .33 Reserve for T axes, Interest Accrued, etc......................................... 3 , 2 9 0 ,0 6 9 .2 0 Dividend Payable January 2 , 1943 1 ,0 5 0 ,00 0.00 A cceptances................................................................... 1 , 360, 546.17 D ep o sits.............................................................................. 1 , 5 3 7 , 4 9 2 , 3 8 0 . 4 7 Total $ 1, 64 3 , 8 5 4 , 92 0 . 1 7 There are pledged to secure public monies and to qualify for fiduciary powers U. S. Government S e c u r i ti e s ....................................... $3 1 3>2 °8>742-45 Member Federal Deposit Insurance Corporation Northwestern Banker February 19^3 48 Send Vs Your COMMODITY LOANS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 49 Shelton NEBRASKA NEW S R. F . C L A R K E P r e s id e n t P a y illio n Alliance A t th e an n u al m eeting of the stockholders and d irecto rs of th e G uardian State B ank held in Jan u ary , the su rp lu s of th e b an k w as increased $15,000 and th e u sual 5 p er cent divi dend on o u tstan d in g capital stock was declared. T his increases th e su rp lu s account of th e b an k to $90,000 w hich w ith $125,000 capital and $10,000 in co n tin g en t reserv es m akes th e total capital account of th e b ank $225,000. All p re se n t officers of th e b an k w ere reelected to th e ir posts except th a t H ow ard E. L ich ty w as elected to the office of vice p resid en t and cashier. Donald L ich ty w as elected assistan t cashier. C. H. Sudm an, w ho has held th e office of vice p resid en t and cashier, continues on as vice president. W M . B. H U G H E S S e c r e ta r y O m ah a received show ing a v ery fine year of business. The presen t officers w ho have guided th e b ank so successfully in the past w ere all renam ed to th eir posts as follows: P resident, H. A. Schnieder; vice president, Carl J. Schneider; vice presidents, E. W. B urdie and F ra n k A. Cloidt; cashier, F ra n k A. Cloidt. The above officers, w ith H en ry H orn, com prise th e board of directors, Mr. H orn being reelected to th e board. The an n u al m eeting of stockholders and directors of th e F irs t State B ank w as held recently. The business show ed a nice increase d u rin g the past year and the rep o rt disclosed a highly satisfactory record for th e bank. Officers and directors of the bank, all of w hom w ere reelected, are L. J. H allas, president; A. J. H allas, vice president; L. F. H aug, cashier; H. R. Conroy, assistan t cashier, and F. C. K lein and H. G. W ellensiek, directors. Syracuse f The F irs t N ational B ank reelected all officers. Reelected were: E. A. Duff, president; J. R. M ueller, vice president; Ed C. M etzger, director; E u gene P ra tt, cashier, and C harles W. A ndrew s, assistan t cashier. Wauneta The an n u al m eeting of th e W auneta Falls B ank w as held in Jan u ary . The directors elected w ere R. E. Cocklin, Two Popular St. Joe Bankers Bartlett The stockholders of the B arlett State B ank held th e ir an n u al m eeting last m onth. D irectors elected for th e com ing year w ere C. L. Bishop, A rth u r O. Auserod and H u b ert A. Bishop. R eport of th e officers on th e business of th e p ast y ear show s a large increase over th e year 1941. Follow ing th e stockholders m eeting, the d irecto rs declared a 3 p er cent divi dend am o u n tin g to $750; also tra n s ferred $500 to su rp lu s account. Officers elected for th e com ing year w ere H u b ert A. Bishop, president, and C. L. Bishop, vice p resid en t and cash ier. Alexandria T he follow ing officers of th e A lex an d ria State B ank have been reelected for th e com ing year: L u th e r B onham , president; Mose Cory, vice president; J. J. R othm eier, cashier, and Nellie M. Moore, a ssista n t cashier. Plattsmouth The an n u al election of officers of th e P lattsm o u th S tate B ank w as held re cently. The re p o rts of th e y ear w ere J . A. G R E E N F I E L D , J R . RAY W . SN Y D E R A record of 42 years in the same bank is th a t of Joseph A. Greenfield, Jr., who is vice p resid en t of the First St. Joseph Stock Yards Bank, and pictured w ith him is Ray W. Snyder, cashier, who has been w ith the F irst St. Joseph Stock Y ards B ank fo r th e p ast 25 years. W hen Mr. Greenfield came w ith the b an k in 1900, deposits of the in s titu tio n were $2,000,000. A t the close of business in 1942, deposits of th e b ank stood a t more th an $8,000,000, an increase of around $2,500,000 from D ecember 31, 1941. Frazer L. Ford is p resid en t of all th ree of the F IR S T BA N K S in St. Joseph — the First National Bank, the First Trust Company, and the First St. Joseph Stock Yards Bank. D eposits in the F irs t N atio n al B ank rose from more than $16,000,000 a t the close of business in 1941 to $21,470,000 on December 31, 1942. O ther officers of the F irs t N atio n al B ank are G. E .Porter, vice presid en t; H. H. Mohler and J. J. Walsh, a ssistan t vice p resid en ts; R. E. Jones, Jr., vice p resid en t and cashier; and V. P.' Meyer, Wa’ter Canter, and Loyd Walker, a ssista n t cashiers. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b3 50 A. W. Hoff, W iley G reen and Jo h n W. Green. Officers elected w ere Jo h n W. Green, president; R. E. Cocklin, vice p resid en t and cashier; V irgil R obertson, a ssist a n t cashier; W iley G reen, a ssista n t cashier, and M axine C arpenter, assist a n t cashier. Winside The annual m eeting of th e stock holders and directors w as held in the W inside State B ank last m onth. George F a rra n w as reelected presid en t and E. T. W arnem unde, cashier. No vice p resident w as elected to succeed the late C. E. Benshoof. George F a rra n and E. T. W arnem unde w ere reelected d irectors and C harles F a rra n w as elected director, to succeed C. E. Bensdorf. George F a rra n w as elected ch air m an of the board of directors and E. T. W arnem unde, secretary. Bayard At th e ann u al m eeting of th e stock holders of the F irs t N ational B ank of B ayard, th e follow ing officers w ere re elected: H. H. O stenberg, president; J. A. Stockwell, vice president; C. W. Foster, vice president; H. D. Silsby, cashier. Mr. H. L. McKibbon w as elected a ssistan t cashier. W h at Nebraska Statements Show D ECEM BER 31, 1942 The Northwestern Banker is pleased to publish Bank Statements received before going to press— put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N BANK C A S H IE R C a p ita l A llia n c e ................ , . .G u a r d ia n S ta t e B a n k ............................ .C . H . S u d m a n ......... $ 125,000 A v o c a ................... . . F a r m e r s S ta t e B a n k .............................. .E l m e r H a lls tr o m . . 15,000 B e a tr ic e ................ . . .B e a tric e N a tio n a l B a n k .......................... . E d . C. A u s t i n ............ 100,000 B u r w e ll................ . . B a n k o f B u r w e ll....................................... .E v e r e t t J o h n s o n . . 25,000 C h a p p e ll.............. . D eu el C o u n ty S t a t e ................................. . C. A . P e t e r s o n ......... 25,000 C l a r k s o n .............. . . C la rk s o n B a n k ........................................ . .1. A . K u c e r a ............ 40,000 C o lu m b u s ............ . . C e n tr a l N a ti o n a l B a n k .......................... . H o w a rd B u rd ic k 100.000 C r a w f o r d ............ . . C ra w fo rd S ta te B a n k .............................. . E . R. S p r a y .............. 30,000 F a i r b u r v .............. . . F i r s t N a tio n a l B a n k ................................. . H a ro ld L iv in g s to n 150.000 F a i r m o n t .............. . .F a r m e r s S ta te B a n k ................................ . C h as. F . T o u s ......... 25,000 F r e m o n t .............. . • S te p h e n s N a tio n a l B a n k ....................... . J . G uy E d lo f f ............ 100,000 G o rd o n ................... . . F i r s t N a tio n a l B a n k .............................. . A n n a S o re n s e n . . . . 50,000 G ra n d I s la n d . . . . .C o m m e rc ia l N a tio n a l B a n k ................ .V e r n o n R ic e ............ 100.000 G ra n d I s l a n d . . . . . F i r s t N a tio n a l B a n k .............................. . F . J . C le a r y .............. 200,000 H a r t i n g t o n ......... • B a n k o f H a r t i n g t o n .............................. . E d g a r M . H o a r . . 25,000 H a s t i n g s .............. . . C i t y N a tio n a l B a n k ................................. .F lo y d A . H a n s e n . . . 100,000 H a s t i n g s .............. . . H a s tin g s N a tio n a l B a n k ....................... . C h a h . E. D e e ts ......... 125,000 H o o p e r.................. •F i r s t N a tio n a l B a n k .............................. .N o r m a n E . S h a ffe r. 50,000 K e a r n e y ................ . .F o r t K e a rn e y S ta t e B a n k ..................... .J o h n M. S p e a r ......... 75,000 K e y s to n e .............. . B a n k o f ....................... ................................ . T . B. C o le ................... 15,000 L i n c o ln .............. . 650,000 C o n tin e n ta l N a tio n a l B a n k ................ . C. W . B a t t e y ............ L i n c o ln ................ . . F i r s t N a tio n a l B a n k .............................. H o w a rd F r e e m a n 1,000,000 L o o m is .................. .. F i r s t N a ti n a l B a n k ................................. . W . B. A b r a h a m s o n 25,000 L o u p C it y ............ - . F i r s t N a tio n a l B a n k .............................. . C. H . R v a n ................ 25,000 M c C o o k ................ . . F i r s t N a tio n a l B a n k .............................. . H . M. K r o g h .............. 75,000 M o r r ill................... . .F i r s t N a tio n a l B a n k 25,000 .......................... . R o b t. T. C o v in g to n N e b ra s k a C i t y .. . F a r m e r s B a n k .......................................... . J . R . S te v e n s o n .. 50,000 N e b ra s k a C ity . . ..O to e C o u n ty N a tio n a l B a n k .............. . H . H . T e t e n .............. 50,000 N o r f o lk ................ 100,000 N a tio n a l B a n k o f ..................................... . L . W. R o s s ................ N o rth P l a t t e . . . 100,000 M cD o n ald S ta t e B a n k ............................ . J . Y . C a s tl e .............. N o r th P l a t t e . . . F i r s t N a tio n a l B a n k .............................. . W . H . M j n g e r ......... 100,000 O m a h a ................... . . F i r s t N a tio n a l B a n k .............................. . J . T. S te w a r t I I I . . 1,500,000 O m a h a ................... . L iv e S to c k N a tio n a l B a n k ...................... P a u l H a n s e n ......... 500,000 O m a h a .................. .O m a h a N a tio n a l B a n k ............................ .C ly d e O. D a r n e r . . . 2,000,000 O m a h a .................. ..S to c k Y a rd s N a tio n a l B a n k .............. .J o h n M c C u m b e r 500,000 O m a h a ......... .. . .U n ite d S ta t e s N a tio n a l B a n k ............ . A. L . V ic k e r y ......... 1,100,000 Orri . . F i r s t N a tio n a l B a n k .............................. . C. B. G u d m u n d s e n . 60,000 P a l i s a d e ................ ..F r e n c h m a n V a lle y B a n k ..................... .A . J . B a x t e r ............ 50,000 P la t ts m o u th . . . . P la t ts m o u th S ta t e B a n k ....................... . F r a n k A . C lo id t. . . 50,000 S c o t t s b l u f f .......... . • S c o tts b lu ff N a tio n a l B a n k ......... .. . . . , .1. L . W i t t e r s ............ 100,000 S c o tts b lu f f ......... .■• F i r s t S ta t e B a n k ....................................... .J o h n B r o a d h u r s t . . 50,000 S id n e y ................... ..A m e r i c a n N a tio n a l B a n k ..................... . D. W . R e y n o ld s .. . 50,000 Te La in ah . . . . . F i r s t N a tio n a l B a n k .............................. . H . J . W r a g g e ............ 62,500 1 r e n t o n ................ • ■S ta t e B a n k o f .............................................. B. G. S h ill in g to n . . 25,000 W a h o o .................. ■F ir s t N a tio n a l B a n k ................................ .J a m e s L . K u d r n a . . 80,000 W i s n e r ................... . .F ir s t N a tio n a l B a n k . .............................. N e il D . S a v i l l e . . . . 50,000 * In c lu d e s c a sh a n d d u e fro m b a n k s . L oans and S u r p lu s a n d D is c o u n ts P r o f its $ 2,089,000 § 112,543 138,908 25,364 1,074,371 139,564 188,415 53,393 522,802 31,980 162,140 13,253 1,353,367 93,589 264,700 22,231 1,600,350 117,587 15,227 30,121 995,127 101,351 723,732 99,785 795,904 151,111 1,690,130 473,381 35,161 481,709 949,850 90,042 1,466,378 164,455 510,746 37,893 571,869 62,840 24,659 223,876 3,725,473 341,154 797,300 3,822,793 246,537 46,375 50,404 216,814 1,219,051 135,650 535,227 12,122 101,063 401,552 49,191 270,006 32,815 565,080 430,860 45,922 195,255 1,010,042 13,136,164 1,726,870 981,642 12,188,095 2,565,685 15,918,241 452,502 3,834,671 1,475,309 5,704,100 40,302 351,650 398,832 12,346 610,077 127,515 1,240,039 179,587 34,918 332,413 1,852,196 72,453 85,160 842,925 25,005 353,085 91,925 485,504 58,198 411,984 Bonds and S e c u ritie s $ 1,325,103 117,993 1,561,166 143,498 51,872 226,014 1,822,382 73,478 1,040,691 81,342 1,713,032 457,800 1,669,574 3,088,412 251,505 979,935 1,671,871 305,339 1,190,297 62,026 10,559,599 22,790,617 96,500 568,926* 1,466,446 13,700 856,820 411,200 691,628 735,069 991.666 21,383,789 12,209,884 51,746,918 5,137,445 31,025,556 297,000 35,300 474.000 588,842 588,077 563,795 599,444 72,172 524,668 141,900 C ash a n d D u e D e p o sits F ro m B a n k s § 4,696,478 $ 1,523,766 243,728 466,015 1,351,233 3,773,207 400,391 655,160 338,190 863,335 511,672 174,731 4,692,473 1,733,345 814,595 523,373 4,291,867 1,817,463 325,609 401,795 2,647,234 5,158,907 455,586 1,491,838 3,492,202 1,244,685 1,745,481 6,897,801 1,150,328 467,175 3,265,139 1,513,940 2,319,996 5,213,571 532,754 1,269,922 1,324,520 2,961,425 389,002 635,246 7,464,507 20,845,724 14,501,654 39,861,282 87,555 363,632 713,861 1,220,805 3,718,870 501,091 981,331 1,057,559 2,125,869 561,626 1,158,160 755,675 1,877,167 858,194 1,883,222 1,540,458 3,279,775 17,447,056 50,332,266 13,277,444 36.134,602 19,162,492 103,100.597 15.629,821 7,538,925 16.777,984 51.744,223 306,283 857,517 110,000 492,504 610,437 1,496,674 3,039,075 4,890,958 410.763 1.248,155 1,068,419 3,387,917 541,237 1.841,806 100,142 473,373 1.042,215 1,915,474 248,339 678,683 pßu, samk: The TOOTLE-LACY S I N C E 1 8 8 9 W E H A V E S P E C IA L IZ E D A S " A B A N K E R S ' B A N K " https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 51 said L eslie E. M artin, secretary of the N ebraska league. T he F ra n k lin b irth day bond drive is sponsored by the U nited States Savings and Loan League. W illiam A. S aw tell, Jr., son of Mr. and Mrs. W. A. Sawtell, has been p ro m oted from second lie u ten an t to first lieu ten an t in th e F ield A rtillery, sta tioned a t Camp W hite, Oregon. W. A. Sawtell, Sr., is presid en t of th e Stock Yards N ational B ank of Omaha. H. L A SSE N of B rookings, South . D akota, a d irecto r of th e F a rm C redit A dm inistration, Omaha, died re cently in an O m aha hospital. He w as tak en ill suddenly a fte r a tten d in g th e FCA m o n th ly m eeting at Omaha. He w as appointed to th e FCA board last Ja n u a ry , a fte r serving eight y ears as a m em ber of th e South D akota AAA com m ittee. He is su rv iv ed by his wife, tw o sons, one of w hom is a captain w ith A m erican forces in Africa. S erv ices and b u rial w ere a t Brookings. S O m aha’s v icto ry fu n d com m ittee re p o rted Bond sales of $10,201,408 on D ecem ber 22nd, topping th e self-im posed D ecem ber quota of $10,000,000. T he to tal w as sw elled by pu rch ase of $870,000 of V ictory Bonds by th e W oodm en of th e W orld Life In su ran ce A ssociation, w hich b ro u g h t th e W. O. W. holdings of th a t ty p e of secu rity to $2,000,000. Suprem e council, W oodm en Circle, also p u rch ased $250,000 of Vic to ry Bonds. R aym ond E. McGrath, of th e bond com m ittee, said th e to tal figure a n nounced did n o t include th e sales to banks. Sale of th e V ictory Bonds, w hich are th e 2% p e r cent bonds m a tu rin g in 1968, closed D ecem ber 23rd. T he com m ittee continued to sell seven-eighths of 1 p er cent tax certificates, th e 1% p er cent bonds, and th e Series F and G Bonds. O m aha banks bulged w ith deposits of $265,868,133 as of D ecem ber 31st, a b ank call disclosed. I t w as by far the biggest deposit to tal in Om aha b an king h istory. T he figure w as $79,237,957 m ore th a n deposits of $186,630,176 re po rted on Ju n e 30, 1942. In contrast, to tal loans D ecem ber 31st w ere $53,610,563, an increase of only $3,499,587 over th e $50,110,976 re po rted last June. On D ecem ber 31st, a y e a r ago, the to tals w ere: Deposits, $162,491,504; loans, $62,754,305. T he huge increase in deposits w as largely due to b e tte r business in th e O m aha trad e area and to th e enorm ous increase in w artim e payrolls. Savings and loan association be longing to th e N ebraska League of Savings and L oan A ssociations bought $700,000 w o rth of W ar Bonds in a special cam paign in Ja n u a ry , m ark in g th e 237th a n n iv e rsa ry of th e b irth of B enjam in F ran k lin . T his b ro u g h t th e ir to tal bond p u r chases since P earl H arb o r to $8,728,715, NATIONAL BANK „ M IL T O N T O O T LE , JR . E . H. Z IM M E R M A N P R E S ID E N T V IC E P R E S ID E N T C A S H IE R G RA HA M G. LACY M IL T O N TO O TLE, II I FR ED T. BURRI V IC E P R E S ID E N T V IC E P R E S ID E N T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R . E . W ALES A SST . C A S H IE R M ost Omaha banks held th e ir an n u al m eetings the m iddle of Jan u ary , w ith only tw o rep o rted personnel changes. A t th e Om aha N ational Bank, R ay R. Ridge, a vice president, w as added to th e board of directors. The Douglas County B ank of su b u r b an B enson created a new office, ch air m an of th e board, to w hich th e p resi dent- E. L. Cook, w as elected. As a re sult, th e re w ere five o th er prom otions: To president, K. G. H arvey; to vice president, W. F . Ruzicka; to cashier, H erbert H. Meile; to a ssistan t cashier, H. R. Roose; to th e board of directors, M. M. H arvey. Capt. John M. D ouglas, Om aha in v estm en t banker, is organizing a fifth Omaha com pany in th e new N ebraska S tate G uard. F o u r o th er Om aha com panies already are organized. C. W . Mead, p resid en t of th e N e b rask a Bond and M ortgage Company, is head of a special com m ittee w hich is acting for th e O m aha Council of C ivilian Defense, and th e Omaha C ham ber of Commerce, to w o rk w ith T he Om aha W orld-H erald in sponsor ing com m unity V ictory G ardens for 1943. P rom otion of J. F ran cis M cD erm ott from lieutenant-colonel to colonel w as announced a t Om aha early in Ja n u a ry by th e a rm y ’s Seventh Service Com m and. In civilian life, Col. M cD erm ott is vice p resid en t of th e F irs t N ational B ank of Omaha and state com m ander of th e A m erican Legion. H e w ill con- ST. JOSEPH, MO. M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n 52 • N E B R A S K A N E WS hip w hen he fell on an ice-glazed side w alk w hile w alking to the bank J a n u ary 4th. He w as tak en to Clarkson H ospital. tin u e in the a rm y finance d ep artm en t, as W ar Bond officer of th e S eventh Service Command. “If ju s t a little m ore can be produced on each farm , th e to tal w ill solve our food problem ,” E. L. Cook, p resid en t of th e Douglas C ounty B ank of Omaha, in su b u rb an B enson, told an organiza tion m eeting of th e Douglas county farm m obilization com m ittee recently. E. G. Gehrm an, a ssistan t cashier of th e Stock Yards N ational B ank of Omaha, received tw o letters th e sam e day. One w as from his son, M arine Cpl. D. W. G ehrm an, w ho w as on G uadalcanal. The o th er w as from his daughter, Mrs. Shirley C arlm an of B uringam e, California. Cpl. G ehrm an said in part: “H ad quite an experience recently. W. P. A dkins, 73-year-old ch airm an of th e board of th e L ivestock N ational B ank of Omaha, suffered a fractu red Charter No. 209 First National Bank o f Omaha THE OLDEST NATIONAL BANK FROM OMAHA WEST Nationalized 1863 ★ ★ ★ A B A N K E R ’S B A N K Send I s Your Corn and Wheat Loans Grain Drafts Omaha Live Stock Shipments OFFICERS A. H . Ch is h o l m ................. A ssistant Cashier T. L. D a v is ...........................................President O. H . E l l io t t ......................A ssistant Cashier F. W . T homas .......................... V ice President J. F. M cD er m o t t ........................................V ice President C. H. V e b e r ..........................A ssistant Cashier C. D . S a u n d e r s ..........................................V ice President E. N. S o lo m o n ..................A ssistant Cashier E. F. J e p s e n ........................A ssistant Cashier J. T. S tew art , I I I .V ic e Pres, and Cashier O. H . H o l q u ist ...................A ssistant Cashier J. F. D a v i s ......................................................V ice President W . E . S p e a r ................................... Trust Officer E. G. S olom on . . . .A ssistan t Trust Officer Member Federal Reserve System N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 Member Federal Deposit Insurance Corporation • We sta rte d out on a 36-hour job and came out of the jungle 32 days later . . . Our sick casualties w ere high, b u t we killed betw een 400 and 500 Jap s and lost only 15 of our boys. I lost 35 pounds . . . b u t I ’ll b et I ’ve gained five pounds the last tw o days.” The le tte r from Mrs. C arlm an, a vol u n te e r w o rk er on a gas ratio n in g board, said she had resigned because she couldn’t stand listening any longer to m otorists com plaining about not having enough gas.” A d in n er p a rty and dance w ere held d uring the holidays at th e B lackstone H otel in Omaha for em ployes of th e Livestock N ational Bank. Special guests w ere th e presid en t of the bank, A lvin E. Johnson; H arry M cC andless, Frank W. H ejl, M arshall C. D illon, R. H. K oreger and L ester V. P ulliam , all of w hom have been w ith th e bank m ore th an 25 years. P resid en t Jo h n son has been w ith th e ban k since th e day it opened 35 y ears ago. Charles Saunders, on leave from his duties as vice presid en t of th e F irs t N ational B ank of Omaha to serve as chairm an of Omaha ratio n board No. I, w as called to W ash ington to act as a m em ber of a com m ittee to w ork out a sim plified type of ratio n in g applica tion form . The com m ittee began its deliberations D ecem ber 31st a t th e capital. Mr. Saunders w as chosen because of th e “fine job he has done in O m aha,” said D w ight Felton, state OPA direc tor. The defense housing bureau, w hich has been operating in th e Om aha city hall, w as dissolved early in Ja n u a ry , because of th e abandonm ent of W PA, and all its activities w ere tak en over by The Omaha W orld-H erald. T he b u reau w as set up to assist defense p lan t w o rkers com ing to Om aha to find a place to live. Notice w as given the regional hous ing com m ittee, of w hich A lv in E. Johnson, Om aha banker, is chairm anth a t no fu rth e r W PA assistance w ould be available to the b u reau afte r J a n u ary 13th. The W orld-H erald’s offer w as accepted a t a m eeting of th e com m ittee a fte r the notification w as re ceived. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OM AHA 53 m ent only in securities w ith a fixed m atu rity date. N eb rask a’s 273 state banks are “in the best condition they have been in for 20 y ears,” D irector W ade M artin of th e state banking d ep artm en t told the ap p ropriations com m ittee. The com m ittee ten tativ ely approved $158,100 for the banking d ep artm en t as recom m ended in th e go v ern o r’s budget message. The banking d ep art m ent had also requested th a t an u n expended balance of $20,000 be in cluded, b u t the com m ittee decided to cut this to $10,000 for th e n ex t b ien nium , leaving the rem ain d er in th e d e p a rtm e n t’s unexpended balance fund. Fremont T H E legislative com m ittee of th e N ebraska B an kers A ssociation and the state ban k in g d ep artm en t reached a com prom ise on L. B. 27, W ade M ar tin, d irecto r of th e b an k in g d e p a rt m ent, said. The bill, h eard by th e legislative b an k in g com m ittee, p ro vides th e ban k in g d irecto r can req u ire banks not m em bers of th e F ed eral R e serve System , to increase th e ir cash reserv es on his order. H en ry Schneider, P lattsm o u th , ch airm an of th e legislative com m ittee of th e N ebraska B ankers Association, and R. F. Clarke, P apillion, p resid en t of th e association, voiced opposition to th e bill before th e com m ittee. The com m ittee agreed to give th e d e p a rt m ent and th e com m ittee an o p p o rtu n ity to talk over th e ir differences be fore tak in g action. As a re su lt of th e conference th e bill is being am ended to provide th a t it w ill be in effect only tw o years from th e date enacted. M artin said th a t th e bill is antiinflationary in n a tu re by giving th e state b an k in g d e p a rtm e n t a u th o rity to req u ire co u n try b an k s to increase th e ir cash reserv es from 15 to 30 p er cent and re q u irin g non-reserve banks, only five or six in th e state, to in crease th e ir reserv es from 20 to 40 per cent. M artin said th a t from 1930 to date th e average cash reserv e car ried by th e state b an k s w as about 35 p er cent. A trio of b an k in g m easu res w ere rep o rted out to gen eral file by th e com m ittee on banking, in su ran ce and com m erce. LB 27 gives th e state b an k in g di BANKS Bought and Sold Confidentially and with becoming dignity BANK EMPLOYEES PLACED. 37 Years Satisfacto ry Service. THE CHARLES E. WALTERS CO. recto r a u th o rity to determ ine the am ount of cash reserves th a t banks w hich are not F ederal R eserve m em b ers m ay keep on hand. T here w as little opposition, although several m em bers of th e com m ittee th o u g h t th is w as p u ttin g too m uch pow er in the hands of th e director. LB 57 w ould rem ove all lim itations on salaries th a t m ay be paid deputies and exam iners of th e banking d e p a rt m ent. All com m ittee m em bers b u t one voted for the bill as being necessary so as to hold some of the key m en now em ployed by th e state d ep art m ent. The th ird bill, LB 58, elim inates the lim itation upon building and loan associations of 10 per cent of th e ir idle funds in governm ent bonds, u nder the p resen t law, and authorizes in v est A nnual shareholders m eeting of th e S tephens N ational B ank resulted in reelection of all directors, a list of w hich includes W illiam N. M itten, J, M. Sorensen, J. G. Edloff, R. A. .John ston, Dave Rowe, Lloyd C. Blair, J. A, Yager and A C. Sidner. D irectors th en reelected the officers, w ho are as follows: M itten, president; Sorensen, executive vice president; Rowe, vice president: Edloff, cashier; Lloyd C. Blair, Les S. Blair (now in the arm y ), and E rn e st C. Gaeth, as sistan t cashiers. Beatrice Ray Grupe, R olland D. M udge and W ayne D ecker of the B eatrice N ation al B ank staff recently w ere nam ed as a ssistan t cashiers, at th e an n u al stock holders m eeting held in th e bank. All o th er officers and directors w ere re elected. FOR INFORMATION AND SERVICE IN LINCOLN "THE CAPITAL CITY" USE Q>ntinental R ational B ank LIN CO LN Member Federal Deposit Insurance Corporation OM AHA, N EB R A S K A Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 54 Congratulations to Har ry B. Coffee newly elected President Union Stoc\ Yards Company of Omaha LIVE STOCK NATIONAL BANK O M A H A A lvin E. Johnson, P resident Member Federal Deposit Insurance Corporation N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 ( 55 Dan E. P eters, p resen t cashier of the C apital City S tate B ank here, w ill continue to officiate in th a t capacity in th e new ban k and Mrs. Gladys P eters w ill be th e assistan t cashier. Guy Cooper w ill serve as active vice president. N EW S New Assistant B. A. G RO N STA L P r e s id e n t FRANK W ARNER S e c r e ta r y C o u n c il B lu ffs D es M o in es Resigns from Clinton Bank R esignation of H en ry G. K ram er as vice p resid en t of th e City N ational B ank, w as announced last m onth. Mr. K ram er revealed he h ad ac cepted th e tre a su re rsh ip of th e C entral Steel Tube Co., of w hich he has been a d irecto r for a n u m b er of years. Sub sta n tia l g ro w th of th e com pany and th e large am o u n t of n atio n al defense w o rk being handled w ill req u ire his full tim e in his new position. K ram er has been associated w ith th e City N ational B ank since 1913 and had been vice p resid en t 10 years. He served continuously as secretary of th e C linton C ounty B a n k e rs’ Associ ation since its o rganization in 1920 an d also h as serv ed on th e executive coun cil of th e Iow a B an k ers A ssociation. New Bank Manager P. F. Beeler, w ho has been m an ag er of th e P e ru b ran ch of th e U nion State B ank, has resigned his position. J. O. S tre e t is th e m anager. Reappointed Chairman C harles B. Robbins, Cedar R apids, Iowa, recen tly w as reap p o in ted c h a ir m an for 1943 of th e Des M oines re g ional b an k of th e F ed eral H om e L oan B ank system , th e b an k a d m in istratio n anno u n ced in W ashington, D. C. T he Des M oines region includes Iow a, M innesota, M issouri, N o rth Da ko ta an d South D akota. Bank Changes H. W. B ush w as elected vice p re si d en t of th e Moville F irs t T ru s t and Savings Bank. C harles W. Logan, p resident, announced th e resignation of Miss Jessie Campbell as a ssistan t cashier. George Cowles, W est Union, has resigned as deputy county tre a su re r to accept th e position of a ssistan t cashier of th e Postville S tate Bank. Wins Promotion M ildred Barb, an em ployee of th e V alley State Bank, of Rock Valley, has recen tly been prom oted to assist a n t cashier. M ildred is a grad u ate of the Doon public school and w orked in th e Doon Former Banker Dies b ank before tra n sfe rrin g to Rock B. F. R othrock, 78, of Des Moines, fou nder and form er presid en t of th e Valley. State B ank of B o n d u ran t for 35 years, died recen tly at Iow a L u th e ra n H os p ital w here he had been ill 10 days. Heads Commercia I Club Roy M. M esserschm idt, 4730 Ingersoll avenue, w as nam ed presid en t of th e W est Des Moines Com m ercial Club a t th e J a n u a ry m eeting of th e organ ization. Mr. M esserschm idt, w ho succeeds C harles R. M ountain, is p resid en t of th e F irs t N ational B ank of W est Des Moines. New Bank at Maxwell A rran g em en ts have been com pleted for th e organization of th e new b ank in M axwell, w hich began operations F e b ru a ry 1st. The new ban k is know n as th e M ax w ell State Bank. T he capital stock is $30,000, w ith a su rp lu s of $25,000 and undivided profits of $2,500. The ten tativ e board of directors of th e corporation to handle th e affairs of th e in stitu tio n u n til th e first a n nu al m eeting w ill include F o rest F. Cooper, president; Guy Cooper, vice president; Rolfe W. W agner, of Des Moines, Carl H. Hill, J. M. A tterb u ry , Mike P h elan and Dan E. P eters. Named Assistant Cashier The num erous friends of E llen F itzp atrick are hasten in g to extend congratulations to h er because of h er prom otion to th e position of a ssistan t cashier of the F irs t N ational B ank of Denison. Miss F itzp atrick has been w ith the ban k for th e p ast eight y ears acting in th e capacity of sten o g rap h er and notary. Aft on The an n u al m eeting of th e stock holders of th e Com m ercial S tate B ank held recently, resu lted in reelection of all m em bers of th e board of directors. C harles K elly w as added to th e board as a new m em ber. The directors chose all of its form er officers for d uty d u r ing th e ensuing year, and advanced D orothy B rosnahan to th e position of a ssistan t cashier. E. E. K irk h a rt is m anager of th e L orim or office. The directors are LeRoy Crandall, P. A. Donahue, R alph Ingham , Gale Mc Call, F ra n k Seeley, C harles Kelly, L. S. P erry , B. J. Parsons, and Ira J. W alker. The officers are: B. J. P a r sons, president; C harles Kelly, vice president; K en n th Seeley, cashier and D orothy B rosnahan, a ssistan t cashier. S c a r b o r o u g h ^ C o m pa n y tv First N ational Bank Building, C hicago ß n n td i Horace A. Smith, Iow a R epresentative D es M oines, Iow a Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 56 W h at Iowa Statements Show DECEM BER 31, 1942 i he Northwestern Banker is pleased to publish Bank Statements received before going to press put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send your statement. Please do so next time. TOW N BANK C A S H IE R ^ el ............................ D a lla s C o u n ty S ta t e B a n k . . . A lg o n a ....................... Io w a S t a t e B a n k .......................... A lg o n a ....................... S e c u r ity S t a t e B a n k .................... " m eB.......................... A m es T r u s t & S a v in g s B a n k . ^ m e s ..........................C o lleg e S a v in g s B a n k ............... ¿f n ie s ..........................U n io n S to r y T r u s t & S a v in g s A n a m o s a .................. C itiz e n s S a v in g s B a n k ............. A r m s t r o n g ...............F i r s t T r u s t & S a v in g s B a n k . B a x t e r .............. S ta t e S a v in g s B a n k ................... B e a m a n ..................... F a r m e r s S a v in g s B a n k ............. i*o o n e ......................... C itiz e n s N a ti o n a l B a n k .......... J»00*1®......................... B o o n e S ta t e B a n k & T r u s t . . B r e d a ..........................B re d a S a v in g s B a n k ................. B u r l i n g t o n ...............B u r lin g to n S a v in g s B a n k . . . . B u r l i n g t o n ...............N a tio n a l B a n k ............................... B u r n s id e ................... B u rn s id e S a v in g s B a n k .......... C a r lis le . ...................H a r tf o r d - C a r l is le S a v in g s . . . C e d a r F a l l s .............C e d a r F a lls T r u s t & S a v in g s C e d a r F a l l s ............F i r s t N a tio n a l B a n k .................. C e d a r R a p i d s .........G u a r a n ty B a n k & T r u s t C o.. C e d a r R a p i d s . . . . .M e rc h a n ts N a tio n a l B a n k . . . C e d a r R a p i d s .........P e o p le s S a v in g s B a n k ............. C e n t e r v i l l e ............. F i r s t N a tio n a l B a n k .................. C h a r i t o n ................... F i r s t S ta t e B a n k ........................ C h a r i t o n ................... N a tio n a l B a n k & T r u s t C o.. C h a r le s C it y ........... F i r s t S e c u rity B a n k .................... C l a r i n d a .................. P a g e C o u n ty S ta te B a n k . . . . C li n to n ..................... C ity N a tio n a l B a n k ..................... C li n to n ..................... C lin to n N a tio n a l B a n k ........... C o l f a x . . . . . ............F i r s t N a tio n a l B a n k .................. C oon R a p i d s ........... F i r s t S ta t e B a n k ........................ C oon R a p id s ..........Io w a S a v in g s B a n k . . . .............. C o u n c il B l u f f s .. . . C o u n cil B lu ffs S a v in g s B a n k C o u n c il B l u f f s .. . . S ta t e S a v in g s B a n k ................ C r a w f o r d s v ill e .. . .P e o p le s S a v in g s B a n k .............. D a v e n p o r t...............D a v e n p o rt B a n k & T r u s t Co D a v e n p o r t...............F i r s t T r u s t & S a v in g s B a n k D e n is o n .................... F i r s t N a tio n a l B a n k .................. D es M o in e s ............ B a n k e rs T r u s t C o......................... Des M oines ............. C a p ita l C ity S ta te B a n k .......... E m m e t s b u r g ............Io w a T r u s t & S a v in g s B a n k . G la d b r o o k .............. S ta te R a G r in n e l l................... G rin n e ll G ru n d y C e n te r . H a w a rd e n . I n d e p e n d e n c e .........F a r m e r s S ta t e S a v in g s B a n k . I n d ia n o la .................P e o p le s T r u s t & S a v in g s B ank Io w a C it y ................ Io w a S ta t e B a n k & T r u s t . . . . J e f f e r s o n ...................J e ffe rs o n K n o x v ille ...................C o m m u n ity N a tio n a l L e M a r s ..................... F i r s t N a ti o n a l B a n k . . ............ L i s b o n ....................... L isb o n B a n k & T r u s t Co........... L y t t o n .......................L y tto n S a v in g s I M a d r id ...................... C ity S ta t e B a n k . M a n s o n ....................M a n s o n S ta t e B; M a r te lle ....................F a r m e r s S a v in g s B a n k . . . . M a s o n C it y .............. F i r s t N a tio n a l B a n k ............ M aso n C it y ..............U n ite d H o m e B a n k ............... M e lb o u r n e ............... M e lb o u rn e S a v in g s B a n k .. M is s o u ri V a lle y . . F i r s t N a tio n a l B a n k ........... M o n o n a .....................U n io n S ta t e B a n k ................. M o n tic e llo ................ M o n tic e llo S ta t e B a n k . . . , • • • . O. D. E lls w o r th . . . . .$ • • H. L . G ilm o r e ............ . . . . G. ■• - . T. ■■. . F . • • ■. L. R. E. H. D. A lle y ................ L a V e lle ............ S c h ie ite r ......... M u rf ie ld ............ ----- W . E . W h o r r a ll. . . . . . E . E . W i e m e r ........... . R. J . M e y e r s .............. . V\ . H. S w i le r ............ . O. B. L u n d g r e n . . . . G. D. S c h o o le r ......... . H. ( . S m i t h ........... . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 31,000 50,000 50,000 100,000 50,000 100,000 60.000 25,000 50,000 25,000 100.000 150,000 50,000 100.000 200,000 20,000 25,000 50,000 100.000 200,000 500.000 200,000 50,000 50,000 100,000 m e y e r ..................... E . B r a d l e y ............ $ 76,673 83,474 21,859 124,895 108,253 65,158 46,969 37,601 42,648 37,956 96,112 95,166 24,253 259,895 150,222 19,503 53,476 51,095 48,421 162,368 2,522,117 160,914 110,270 42,703 78,579 L oans and D is c o u n ts $ 640,896 945,273 384,221 813,709 447,668 414,566 1.282,104* 440,209 434,522 329,349 1,057,024 1,759,989 239,393 2,083,059 1.390,440 287,150 465,147 333,144 287,949 1,489,027 7,009,477 2,684,391 141,541 276,829 384,502 Bonds and S e c u r itie s $ 1,051,243 296,100 89,907 1,712,877 1,067,583 1,035,624 C ash a n d D ue F ro m B an k s $ D e p o sits 143,565 225,600 65,332 1,155,042 874.347 175,200 1,502,866 2,545,816 145,898 199.218 764,515 1,132,938 2,162,541 32,614,655 3,149,697 1,074,663 758,879 1,088,369 760,523 1,503,040 661,205 557,687 842,685 862,819 744,981 494,313 362,217 132,764 829,880 1,174,730 492,884 2,612,760 2,341,010 185,676 330,201 484,139 729,001 1,214,272 20,395,059 1,852,597 633,631 318,044 488,085 $ 2,348,037 2,633,546 1,082^535 2^434,872 2,216,348 2,177,956 1,945,998 1,022,147 942,380 470,692 2,880,328 3,585,864 837,284 5,894,182 5,974,386 581,698 916’41S 1,496,362 2,052,782 4,513^342 57,992,205 7,313,379 1,709,096 1,287^603 1,882,985 100,000 50,000 400,000 L. J . D e rf lin g e r . . . . 60,000 H. E. B e l l.................. 25,000 25,000 25,000 E . H . S p e t m a n ......... 150,000 100,000 . K. A . C o a te s .............. 20,000 600,000 . . . F . A . J o h n s o n ........... 135,000 100,000 . . . . F . C. A t k in s .............. . 1,000,000 150,000 .. . . J . R. C a p p s ................ . 1,250,000 . . . . H a r r y G. W ils o n . . . . 2,500,000 200,000 25,000 i . . . R oy F . G la b .............. 250,000 300,000 ___ G len H . M ill a r d .......... 25,000 . . . K . A . R e e v e s .............. 25,000 50.000 50,000 25,000 A. M. K u h l................ 25,000 40.000 . H a r r y T. H u f f ......... 100.000 205,000 100,000 105,000 . . . H . L. O lle n b u r g . . . . 50,000 50,000 60,000 30,000 50.000 100.000 C. A . S lif e ..................... 25,000 50.000 l . . . J . L. C a m p b e ll............ 50,000 . . . C. L . F i e s t e r ................ 100,000 . . . M. F . H e n d e r s o n . . . 100,000 150,000 . . . G . T . J u f f e r ................... 15,000 50,000 75,000 25,000 . . . C. E . D a h l ..................... 25,000 50,000 25,000 57,500 , . . R. E . T o o l.................... . . . t ; . l . H i n ....................... 50,000 25,000 20,000 25,000 25,000 75,000 . . . C. G. W h i t i n g .............. . . . J o h n J a r g o .................. 75,000 100,000 . . . C. E . O r r ....................... 75,000 25,000 . . . W m W . B o y d ........... 400,000 . . . R . A . P o t t e r ................ 100,000 25,000 50,000 . . . F . C. B u r k e ................... 52,500 102,745 68,153 627,985 103,090 76,580 23,763 24,128 332,515 137.404 42,906 2,933,036 130,395 47,800 1.011,333 166,090 1,212,456 2,236,500 339,255 72,740 300,537 508,911 47,588 148,739 147,205 43,325 28,875 43,874 40,923 192,303 102,521 37,655 88,266 31,587 61,730 39,060 29,196 29,172 86,797 23,579 29,643 141.467 105,104 114,140 99,715 20,530 120,939 21,582 79,924 15,944 131,654 16,566 42,541 54,801 8,338 21,518 29,308 55,521 50,474 133,409 233,960 68,394 27,090 536,876 91,665 34,783 36,063 30,500 737,056 647,926 1,888,326 225,519 497,226 289,634 267,402 3,123,636 1,482,246 161,587 8,172,779 2,298,267 518,530 10,128,887 1,189,731 10,273,792 13.206,053 3,487,500 579,929 1,291,687 1,385,435 302,404 830.101 1,251,177 469,510 355,869 377,418 196,126 1,613,290 652.183 153.024 490,390 346,484 575,416 518,565 438,889 326,557 1.007,401 518,691 325,819 832,375 1,026,180 646,370 1,420,368 364,180 1,087,737 143,572 428,341 252,162 789,049 410,315 232,443 294,341 134,266 404,647 365,870 455.094 422,272 1,356,691 905,076 705,243 137,849 3,157.544 1,301,561 278,726 358,384 111,136 957,898 544,838 3,407,044 1,545,822 396,790 86,075 117,400 1,562,434 608,380 310,616 20,236,707 1,139,589 828,469 17,602,712 2,981,180 23,730,610 40,833,954 1,688,291 285,445 4,067,821 8,597,227 222,580 334,702 1,009,585 349,932 299,460 197,700 165,600 1.501,841 2,089,131 586,722 1,182,225 501.124 188,500 445,900 214,736 315,243 743,709 36,974 171,002 686,189 1,195,571 1,366,984 1,112,318 26,500 1,258,452 812,842 572,716 150,400 602,030 152,600 552,013 325,085 153,225 100,970 268,780 150.219 403,138 819,688 1,548,937 1,129,051 240,905 7,078,411 1,413,719 104,293 513,372 343,471 880,090 579,936 3,612,483 1,337,819 396,220 317,340 353,864 2,458,922 1,280,737 289,521 16,554,111 1,684,153 539,142 12,518.107 682,455 20,659,768 23,187,812 3,084,233 864,509 2,072,536 3,896,116 308,506 577,375 1,167,512 514,500 420,846 660,528 538,600 1,943,408 1,725,738 299,914 754,750 586,454 347,226 755,367 407,450 375,489 802,469 151,797 180,604 873.125 836,485 1,068,569 2,112,034 160,593 855,060 356,975 358,558 180,311 688,154 104,632 357,002 260,283 172,762 320,592 269,566 708,466 239,265 1,533,500 3,292,462 1.116,203 79,951 3,831,575 1,565,248 449,016 383,922 491,523 2,369,405 1,673,366 7,916,808 2,928,488 1,200,102 649,534 689,401 6,797,883 3,161,089 703,369 41,533,643 4,889,221 1,752,720 38,057,047 4,629,724 52,679,708 74,036,348 7,693,616 1,600,612 6,931,524 13,085,500 766,469 1,568,443 3,245,227 1,266,484 1,025,844 1.181.068 825,104 4,767,845 4,283,886 915,821 2,279,793 1,368,431 1.007,736 1,636,864 1,002,030 943,750 2,390,964 666,023 611,467 2,201,133 2,856,570 2,890,224 4,466,385 520.092 3,079,236 1,215,436 1,265,819 545,709 1,891,188 400,602 1.087,015 778,779 432,393 790,323 852,207 1,239,999 953,204 3,531,376 5,467,502 2,823,233 406,018 13,538,495 4,120,363 774,072 1,176,370 868,044 400.000 110,138 2,547,129 3,197,588 1,404,629 6,543,660 ....( . p e n te r Northwestern Banker S u r p lu s a n d P r o f its C a p ita l ....................... ft « b * c o '» 1 c rR \P ^ °^ S c 0 \^ -^ S ., * * ate oi ^ gS “ O* ab°ve p'Ctute« cob's to S\G • r\ C O 'b ancV ^ ed0nS s t o i f e tev etse sbo^n Übe • .AOtiS tb®non ^LtficVi ft ß nabb abb *« ^ estabbs■he«'Übe ^ aS/ a n ltvSCnPea n ^ esS.^ t t \tvg to coio ca'r'ed oa'-- i e li et> beat ni tbe ^ ef tb'S c°\n ...rs , *ei6:„ * b ° ' ettS a c e 4 o » a’ Pv c. ° pAe*ar “ dei '■ fto"» ,5A . svg n * ca"t Kle*»n" „ab°ut tbis ' s S ^ ftes teigoeâ at 8ucb aSA l t Vdcft^ft gWeS itiot» .scttp' aoà ^ t a n s » setVets etvts co'b* ie a J55Ïtbat'»"¡& Je ad ttvetcV S Ä ieatvb?d c °\n , . , e oi (bCo co'b afc°v •_*« tyPv \ d es'«" . . *tbee *° ..,c e d o O ia o ; oenVc,aO ®artV S f t ’ *Tb"* * i S xtvsteao * oi Stab'S- t iabS Q&dob ,_c tbe » e a t 'f g0s ä t s « ® - 7ptbe g vjbo PerS .v,otb7- ^ ftSeW tb o te oi°ae it •aOt"0tS ascetta'b W r f4* " n be e a t^ v co'b®- A N C IE N T coin-designers pleased their king by placing his name on coins. In modern business, the customer is still king. In constant effort to improve service to customers, originates much of the progress in business procedure. Since 19 17, progressive banking practice has built the Bankers Trust Company into one of Iowa’s largest banks, particularly qual ified to handle the Des Moines business of other Iowa banks. BANKERS T R U S T https://fraser.stlouisfed.org U C UReserve O C D c c n Bank c D A I of r tC D nLouis C IT IK J C IID A K irC Federal St. 6th and Locust r r » D P r » D A T IO M DES MOINES iFQBA'ICTORYl BUY 58 W H A T IO W A STATEM ENTS S H O W ( C o n tin u e d f r o m p a g e 5 6 ) TOW N BANK C A S H IE R Mount V e r n o n . . . M o u n t V e rn o n B a n k & T r u s t C o.. . . . D . U . V a n M e tr e . . . . B. L. M c K e e .............. . N e v a d a ....................... S ta t e B a n k & T r u s t C o .. .. N o r th w o o d .............. N o rth w o o d S ta t e B a n k ............ O a k la n d ..................... C itiz e n s S t a t e B a n k ................... O akland ..................... O a k la n d S a v in g s B a n k ........... O elw ein ..................... F i r s t N a tio n a l B a n k ............... O g d e n ....................... C ity S ta t e B a n k ........................... O nslow ...................... O n slo w S a v in g s B a n k ............. O r a n g e C it y .......... N o r th w e s te r n S ta t e B a n k . . . P erry ..........................F i r s t N a tio n a l B a n k . . H . T. F a w c e t t ............ . A . E . H in d o r f f ......... . . . O s c a r A . O ls o n ......... .. . D . F . B u s s e .................. , . . J . J . E v a n s ................ , M. ( . H a n s o n .............. . , A rn o ld B oeh m ......... ..G e o . H. P a u l s e n ......... , .H . C. M o r e t.................. . . E. A. H e id e n ................ . . D o n H ic k m a n ........... .. M a x v o n S c h r a d e r . . . W. B . C r i s t .................. . O s c a r H e lg e rs o n . . . . R ed O a k ...................M o n tg o m e ry C o u n ty N a ti o n a l. Sheldon ..................... S e c u rity S ta t e B a n k ........................... Sioux C ity .............. T o y N a tio n a l B a n k ............................. Sioux C ity .............. W o o d b u ry C o u n ty S a v in g s B a n k . S to r m L a k e ............S e c u r ity T r u s t & S a v in g s B a n k .. S tu art ........................F i r s t N a tio n a l B a n k ............................ T i p t o n ....................... T ip to n S ta t e B a n k .................................. T i t o n k a ......................T ito n k a S a v in g s B a n k .......................... V in to n . W a p e llo .. . . , W a s h in g to n . W aterloo. W a y la n d .................. W a y la n d S ta t e B a n k . W e llm a n .................. W e llm a n S a v in g s B an W e s t D es M o in e s . .F i r s t N a tio n a l B a n k . . . A l b e r t H a lv o rs o n . . . . . R. A . S c h n e id e r ......... . . W. H . L ongm an . . . . . . F r i t z F r itz s o n ............ . W m . C. S c h e n k ......... . . R. E a r l B ro w n . . . . . . E . E . E r i c k s o n ............ . . C. T. M c C lin to c k . . . . . , A. E . A n d e r s o n ......... . . K . R. T u t t l e ................ . . W a y n e A . M y e rs . . . . ..E lm e r J. K n e b e l.... . . G. B. E g i n g t o n ......... , . C. L . B e e c h ................... . . R. I). S w a r tz l e n d e r . . . .E d w a r d B o y k en . . . . . . O t t o F . M o e lle r......... . , C h a s. B. V a r r o n . . . . . ,C . W . S h a w ................... . . H . B. H a m m e r ............ . . C. P . W e ld in .............. . . F r a n k L . K o s .............. . . R . L . P e n n e ................ . J . J . M ill e r ................... . . M e lv in G. R o t h ......... . . R o ss S e v e rt ................ C a p ita l 50,000 125,000 125,000 50,000 40.000 100.000 100,000 30,000 40,000 35,000 50,000 50,000 20,000 65,000 100,000 50.000 300,000 50,000 100,000 50,000 50,000 50,000 60,000 400,000 250,000 250,000 300,000 100,000 100.000 100,000 75,000 50,000 50,000 35,000 52,500 15,000 40,000 65,000 30,000 25,000 80,000 50,000 250,000 200,000 25,000 25,000 25,000 S u r p lu s a n d P r o f its 69,671 118,650 284,473 83,126 61,706 309,289 73,474 17,300 46,865 58,625 129,133 88,167 39,751 74,716 122,813 44,391 327,492 118,447 82,944 59,540 38,639 52,441 89,017 265,962 337,849 285,993 441,351 203,784 118,760 105,255 241,026 57,864 64,767 40,798 86,715 69,982 36,800 133,147 64,575 28,819 54,517 126,390 408,013 250,854 40.068 35,162 41.186 iroup O n e in bioux *City A ddress of W elcome — C. L. F redricksen. R esponse — H arold E. Scott, p resid en t Sibley S tate Bank. A ppointm ent of R esolutions Committee. A ppointm ent of N om inating Committee. R em arks—B. A. G ronstal. R em arks—M. W. Ellis. R em arks—W. G. C. Bagley T H E pro g ram for th e m eeting of Group One in Sioux City on F e b ru a ry 12th has been released by R alph Brow n, secretary of th e Sioux City C learing H ouse A ssociation, and cash ier of th e Security N ational Bank. It reads as follows: A. M. 9:00 R eg istratio n — M a r t i n H otel M ezzanine Floor. (Fee of $2.50 covers reg istratio n , luncheon and evening banquet.) 10:00 P ractical D em onstration of R a tion B anking—Skit p repared by Sioux City C hapter, A m erican In stitu te of Banking. Ju n io r B an k ers M eeting called to order by C arleton C. Van Dyke. G reetings—B. A. G ronstal. A dding m achine contest. E x h ib itio n —N e 11 i e M elheim , A kron Savings B ank, w inner, G roup 1 contest. A w arding of prizes. Noon 12:00 L uncheon, M artin H otel Ball Room. P residing, A. J. Bertelsen. Invocation—Rev. W. R. Moore. P. M. 1:15 Ball Room, M artin Hotel. M eet ing called to order by A. J. Bertelsen. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 A ddress, “P roblem s of W ar tim e B anking” — H erb ert V. P rochnow , a ssistan t vice p resi dent, F irs t N ational B ank of Chicago. R em arks, “F ed eral F in an cin g ” -—F. F. P atton, executive m an a ger, U. S. T reasu ry V ictory F u n d Com m ittee, Seventh F ed eral R eserve D istrict. R em arks—F ra n k W arner. R eport of Com m ittees. A djournm ent. 4:30 G roup C onference of County A ssociation Officers. L oans and D is c o u n ts 463,479 832,677 868,812 828,964 543,050 2,173,669 595,964 275,218 792,554 730,309 494,571 800,776 283,578 699,138 796,111 440,562 2,026,568 660,468 1.693,030 638,432 388,557 451,503 617,057 2,805,704 3,344,644 2,816,635 2,085,445 1,769,395 1,245,491 1,317,101 1,050,363 357,771 449,133 168,082 975,602 341,763 374,469 851,653 419,716 326,036 275,153 359,590 2,485,369 2,268,839 252,490 228,727 254,234 Bonds and S e c u r itie s 342,640 1,749,182 4.377,115 519,046 125,000 1,535,386 967,322 291,801 242,935 252,000 1,194,622 415,500 146,300 236,800 709,181 991,314 5,218,132 1,004,613 766.908 408,025 225,423 385,062 439,379 2,840,044 5,727,614 5,259,663 8,151,032 1,472,139 584,379 337,230 1,630,133 301,975 488,919 306,861 569,973 156,130 374,500 749,236 208,113 177,743 1,214,466 845,985 4,918,153 4,674,155 257,077 431,963 155,440 C ash a n d D ue F ro m B a n k s 371,362 1,210,067 2,439,987 475,527 282,698 1,504,546 523,353 125,803 210,983 199,305 900,307 639,245 355,536 816,791 542,539 340,198 3,565,494 695,917 1,294,315 779,064 428,535 573,468 1,020,661 4,606,448 8,222,433 5,916,035 6,062,948 1,100,402 1,459,673 1,116,754 918,401 546,174 719,140 171,291 826,812 573,374 638,023 671,975 587,976 331,540 964,788 1,172,483 5,958.624 2,277,557 492,724 431,090 214,381 D e p o s its 1,055,301 3,548,050 7,303,694 1,716,979 900,624 4,848,243 1,959,250 647,821 1,168,819 1,087,991 2,421,222 1,745,868 725,664 1,625,545 1,850,568 1,678,436 10,324,760 2,262,674 3,505,913 1,733,513 976,069 1,323,488 1,948,177 9,787,890 16,618,086 13,632,842 15,798,566 4,039,983 3,115,330 2,638,978 3,257,265 1,110,494 1,545,005 582,584 2,047,731 981,867 1,312,705 2,091,829 1,133,672 784,196 2,313,949 2,219,494 12,668,030 8,870.011 938,936 1,036,316 568,738 5:00 to 6:00 Social H our, Cavalier Room, B asem ent M artin Hotel. 6:30 Banquet, Ball Room, M artin Hotel. (Floor show and entertainm ent.) A ddress—W. A. K linger, p resi dent W. A. K linger, Inc., di recto r U. S. C ham ber of Com merce. R em arks—Lt. Clarence Camp bell, physical director, Sioux City A rm y A ir Base. Clarion At the an n u al stockholders m eeting of the F irs t N ational B ank of Clarion held recently, the following nam ed officers w ere elected for th e year 1943: C. J. B irdsall, president; E. I. Nagle, vice president; R. L. Davison, cashier; and R uth Bunn, a ssistan t cashier. B ank directors are C. J. B irdsall, M. F. Birdsall, C. H. Crowe, W. K. Roose velt and Dr. E. D. Tom pkins Riverside Stockholders of th e Peoples T ru st & Savings B ank at th e ir ann u al m eet ing nam ed George A. Eglin, H en ry F ran k , R. H. H eitzm an, M arion Godlove, R. I. M arner, W illiam O’Loughlin and Iv an H. Cum m ings m em bers of th e board of directors. Cum m ings, w ho came to R iverside last m onth to serve as cashier, w as nam ed on the board 59 to fill a vacancy caused by resig n atio n of H u b e rt E. Doud, w ho m oved to California a fte r resig n in g as cashier. D irectors nam ed W illiam O’Loughlin, p resident; George A. E glin, vice president; Iv an H. Cum m ings, cashier, and Mrs. V iva Shradel, bookkeeper. IO W A N EW S FR O M HERE A N D THERE Vacancy Filled F re d W. R adtke w as elected a s sista n t cashier of th e Council Bluffs Savings B ank to replace Jo h n B. Keeline, w ho resigned recently, a t th e an n u a l officers election held recently. T he selection of R adke w as th e only change m ade in th e officer personnel of th e bank. By J. A . Sarazen, Associate Editor N T E R E ST rates paid by both banks I at M issouri V alley w as reduced De cem ber 1st to one p er cent on both savings accounts and tim e certificates. The form er rate paid w as tw o per New Vice President cent. Also new service charges w ere D. E. B ishop of M oravia w as elected adopted at th is tim e, w hich is th e vice p resid en t of th e Iow a T ru st and “Iow a U niform Schedule of Service Savings B ank in C enterville—p a re n t C harges.” A ccording to b an k officers b an k of th e M oravia b ra n c h —at th e th e plan has been accepted favorably an n u al stockholders m eeting recently. and enhances b ank revenue consider H e had been a d irecto r of th e b an k for ably. several years. D eposits in S ioux City banks for the O ther officers of th e b an k are: W. O. Steel, presid en t; Jo h n H. Young, cash y ear end, 1941, w ere $42,018,000 and for th e year end, 1942, $62,522,270, for ier; George H. Gault, assista n t cashier; and W. O. Steel, H a rry Jenn in g s, J. H. an increase of over $20,500,000, or Young, D. E. Bishop and Jo h n K. V al m ore th a n a th ird increase in th e p ast year. T his is double th e 1939 figure. entine, directors. I D eposits in Spencer’s tw o banks in creased du rin g th e past y ear by $834,530 and as of th e y ear end totaled $5,754,308. New in te re st rates a t the F arm ers Trust & S avings Bank, as of Ja n u a ry 10, shall be IV2 p er cent on six m onths CD’s and 2 p er cent on tw elve m onths CD’s. Savings ac counts w ill bear 2 p er cent on th e first $500 and IV2 p er cent th ereafter. At the Clay County N ational B ank in te r est rates w ill be IV2 per cent on tw elve m onths CD’s and savings accounts and 1 p er cent of six m onths CD’s. W ith deposits of $3,115,330, th is b ank has th e distinction of being th e first bank in th e county to ever reach this figure. 77ln Full Production on Deiense W o rk 77 At p re s e n t w e a r e in full p ro d u c tio n o n d e fe n s e w ork. W h e n c o n d itio n s a g a in b e c o m e n o rm a l w e e x p e c t to b e r e a d y a s u s u a l to m a k e s p e c ia l p la n s a n d d e s ig n s for n e w a n d re m o d e le d b a n k fixtures. F o r o v e r 72 y e a r s w e h a v e fu rn is h e d s p e c ia l c a b in e t w o rk a n d fixtures for b a n k s, c o u rt h o u s e s a n d sto res. S h o u ld a n y s p e c ia l p ro b le m s a ris e in c o n n e c tio n w ith y o u r p re s e n t e q u ip m e n t w e w ill a p p r e c ia te y o u r w ritin g u s a n d w e w ill d o o u r b e st to ta k e c a re of y o u r n e e d s . Fis h e r C o m p a n y E S T A B L 1S H E D 18 7 0 Charles City, Iowa B A N K F I X T U R E S P E C I A L I S T S N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b3 60 * R u th v e n ’s new b ank had a deposit increase of $143,637 d u rin g 1942 and now has to tal deposits of .m ore th a n $421,000. In te re s t ra te s w ere reduced here th e first of th e y e a r from 2 p er cent to 1 per cent on th e first $500 an d 1 p e r cent on an y am o u n t over, to s tra ig h t 1 p er cent. Loans and dis counts have been b u ilt up to $120,740. w as elected presid en t of th e Sioux City Clearing H ouse A ssociation at th e an n u al m eet ing, held J a n u a ry 18th. C. R. G o ssett w as elected vice p resid en t and R. E . Cai’l L. F r e d r ic k se n I O W A NEWS w as reelected secretary and tre a su rer. B row n In te re st rates a t C o u n cil B lu ffs b anks is now 1 p er cent on savings and CD’s. L ast October th e rate w as re duced on CD’s and Ja n u a ry 1 on sav ings accounts. O ther banks visited in this te rrito ry recen tly reducing in te re st rates to 1 per cent include W o o d b in e, M o n d a m in , S lo a n and both banks at M isso u r i V a lle y . W e w ere inform ed at S o ld ie r th a t no in te re st has been paid on deposits since last N ovem ber and ap p aren tly r This fx /t etience may be useful to you • • • S in c e 1 8 6 8 th is i n s t i t u t i o n has co -o p erated w ith banks th r o u g h o u t th e m id d le w est in ex ten d in g credit facilities to sound c o m m ercial b o rro w ers. T h is ex p erien ce is at y o u r disposal w ith o u t o b lig a tio n . L IV E -/ V a / im STO CK BAN K ta / ESTABLISHED UNION /,> // e STOCK Northwestern Banker February 19¿t3 this m akes little difference as deposits continue to rise. The y ear end sta te m ent lists deposits of $364,780, w hich is an increase of $75,000 for th e p ast year. Am ong o th er service charges the bank charges 5 cents on each outof-town check deposited by custom ers. L ast y ear th e C h a tsw o rth S a v in g s B a n k , a sm all b ank near H aw arden, listed deposits of $78,450, and th is y ear its statem en t lists cash alone of $97,303. T otal deposits w ere $130,535. L ast y ear th e b ank at Sergeant. B lu ff listed deposits of $162,000 and th is y ear $305,774. An increase du rin g th e year of $143,774. The prevailing rate of in te re st paid by S io u x C ity banks is 1 i»er cent on am ounts up to $2,500 and n o thing over. This rate w as p u t into effect last Ju ly 1st. The D u n la p S a v in g s B a n k pays 1 per cent in te re st on deposits. L ast A ugust th e bank sta rte d w ritin g CD’s at this rate and effective Ja n u a ry 1st, the sam e ra te took effect on savings accounts. Only $15,000 left the ban k because of th e low er rate, C a sh ier G. H . M illard inform ed us. D eposits in creased $242,165 for the y ear and now to tal $766,500. S to rm L a k e banks pay 1 p er cent in te re st on CD’s, and savings accounts bear 2 p er cent on the first $1,000 and nothing for larg er am ounts. T his ra te has been in effect for the last four years. D eposits a t T h e C itizen s F ir s t N a tio n a l B a n k du rin g th e p ast y ear w en t from $2,317,730 to $3,257,265, an increase of $839, 535. At the S e c u r ity T r u st & S a v in g s B a n k deposits clim bed from $1,070,000 to $1,545,000, an in crease of $475,000. T he A lb e r t C ity S a v in g s B an k had a nice increase in deposits du rin g the y ear of $234,713 and recent statem en t lists deposits of $813,579. The b ank reduced in te re st rates from 2 per cent to IV2 per cent last July. The G r a e ttin g e r S ta te B a n k paid its reg u lar 6 p er cent dividend and added to reserves. A lthough loan volum e is dow n some said H. A. E lsenbast, cashier, th e b ank enjoyed a p re tty good y ear in 1942. 1868 YARDS ity e a A M em ber Fed era l Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Both banks a t Le M ars have been paying 1 p er cent in te re st on deposits since last June. The L e M ars S a v in g s B a n k had an increase in deposits for th e y ear am ounting to $567,000 and th e F ir s t N a tio n a l B a n k increased its deposits $141,500. 61 • D eposits at th e F irst N ational, Haw arden, to taled $611,467, an increase of $111,467, and at th e F arm ers State B ank here $666,000, an increase of $171,000. A t th e Council Bluffs Savings B ank, Fred W. B adtke w as m oved up to a ssista n t cashier and F . A. F la p p in g w as m ade a new director. 3 0 -d a y B a s ic C h a rg e NEWS • w ith deposits and resources at th e h ig h est point in th e h isto ry of th e in sti tution. R esources totaled m ore th an $3,000,000 and deposits m ore th a n $2,870,000. N ever in th e h isto ry of th e bank, w hich w as founded in 1865 and becam e a N ational B ank in 1872, have these figures been approached. Valley Savings N ew service charges p u t into effect by th e tw o Mapleton b an k s are as follows: M in im u m B a la n c e IO W A F re e C h eck s F red erick M. M orrison w as reelected p resid en t of th e Valley Savings Bank, Des Moines. O ther officers reelected w ere W inifield Scott, vice president; J. R. Astley, cashier; E dw ard P. K autzky, assistan t vice president; Roy E. H uber, assistan t vice president; and F ra n k M. T hom p son and R ay M. Thom pson, assistan t cashiers. D irectors reelected w ere R obert A. Brown, W alter P. Davis, L ucius W. Fitch, H arold J. Howe, A rth u r S. K irk, George M ahnke, J. E. Tone, Allen W h it field and M orrison and Scott. E ach A d d i tio n a l C heck $.05 $ .50 5 U nder $ 100 .35 5 . .05 $ 100 - $ 299 .04 .25 5 $ 300 - $ 499 .03 $ 500 - $ 799 . No C harge 5 .02 $ 800 - $ 999 . No Charge 5 .02 No Charge 15 $1000 - $1999 . .02 $2000 - $2999 No Charge 20 Over $3000 No Charge All None It w ill be noted th ese charges are based on th e MINIM UM balance for each 30-day period. A charge of 5 cents p er item is m ade on out-of-town checks deposited unless th e m inim um balance of th e account for th e 30-day period is $2,000 or over. Com m ercial accounts w ith excessive activ ity m ay be analyzed. No charge is m ade on in active accounts. Humboldt T he H um boldt T ru st and Savings B ank in H um boldt held its an n u al m eeting recently. In th e election of officers J. L. Cam p bell w as elected p resid en t of th e b ank to succeed E. L. W illiam s, w ho becam e ch airm an of th e board of directors. Mr. Cam pbell has been cashier of th e b an k for th e past several years. W. S. Goodell is vice p resident, and H. L. Strong, form er a ssista n t cashier, w as advanced to cashier. A. A. Hof and E. L. E ich ler are th e a ssista n t cashiers. T he board of directo rs consists of C. A. H art, C. D. Boore, J. A. Oxborrow, W. S. Goodell, and E. L. W illiam s. Come to Sioux City, February 12! W e cordially invite you to attend the a n n u a l m eeting of Group 1, to be held, a s usual, F ebruary 12th, here in Sioux City. A special invitation is extended to our ban k er friends in South D akota, N ebraska an d M innesota, to be with us that day. W hile in Sioux City, drop in an d see us. W e will be delighted to show you the hospitality for w hich Sioux City —an d the First N ational Bank—are famous! V Buy U n ite d S t a t e s W ar Bonds a t th i s B a n k A. G. Sam, President J. R. Graning, Assistant Cashier J. P. Hainer, Vice President Fritz Fritzson, Vice Pres, and Cashier E. A. Johnson, Assistant Cashier W. F. Cook, Auditor J. T. Grant, Assistant Cashier M E M B E R F E D E R A L D E P O S I T IN S U R A N C E C O R P O R A T IO N Pella S tockholders of th e Pella N ational B ank held th e ir a n n u al m eeting last m onth. Am ong b u siness tra n sa c te d w as th e election of D elw in S. De H aan to the board of directors. Affairs of th e b an k w ere found to be in excellent condition YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND A TIMELOCK EXPERTS F. E. DAVENPORT & CO. IN SIO U X C IT Y OM AHA Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 62 Group Eleven at Burlington N T E R T A IN M E N T and pro g ram a r ran g em en ts for th e a n n u al m eeting of G roup E leven in B u rlin g to n on Monday, F e b ru a ry 22nd, are com pleted, according to H. Lee H uston, cashier of th e Colum bus Ju n ctio n State Bank, and ch airm an of th e Group. E On Sunday evening, F e b ru a ry 21st, the usu al get-together w ill be held at th e H otel B urlington, w ith th e B u r lington b anks acting as hosts. M onday m orning, F e b ru a ry 22nd, will be devoted to re g istra tio n and v is iting, and the an n u al d in n er w ill take place at tw elve o’clock noon. Speakers on th e program following th e d in n er w ill be B. A. G ronstal, p res ident of th e Council Bluffs Savings B ank, and p resid en t of the Iow a B ank ers Association; M. W. Ellis, Iowa su p e rin ten d en t of banking; Jo h n Langum, chief econom ist of the F ederal R eserve Bank, Chicago; and F ra n k W arner, secretary of th e Iow a B ankers A ssociation. Group E leven elects of ficers th is y ear and th e election w ill probably follow th e program . Mr. H uston says th ere seem s to be considerable in terest displayed in th e com ing m eeting, and he looks for a good attendance. Central National Bank The only change in th e staff of th e C entral N ational B ank and T ru st Co., Des Moines, following th a t b a n k ’s an nual m eeting w as th e prom otion of J. R. Capps from cashier to cashier and vice president. Mr. Capps has been in th e b an king business in Des Moines since 1906. He served successively as an officer of the Group 11 Meeting BURLINGTON (Monday, FEB. 22) W elcom e to BURLINGTON, Burlington banks extend heartiest greetings to members of Group 11 and other bankers in anticipation of our annual Group Meeting here Monday, February 22. Make this holiday a day of profit and pleasure, by coming to our meeting. We look forward to your arrival, anxious to make new friendships and renew old ones with the hearty clasp of good fellowship. Come to Burlington— and enjoy our hospitality. J. ROY CA PPS Des Moines Savings bank, Iow a N ation al bank, and th e Iowa-Des Moines N ational B ank and T ru st Co., before tak in g his p resen t job. Mr. Capps is a form er tre a su re r of the Des Moines school district, an elec tive position. All o th er officers and th e board of directors of th e bank, including all those in m ilitary service, w ere re elected. Chariton B u rlin g to n Savings B an k F arm ers & M erch an ts Savings B an k N a tio n a l B an k o f B u rlin g to n BURLI NGTON, I OWA M e m b e rs , F e d e r a l I n s u r a n c e D e p o s it C o r p o r a tio n N orthwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 D irectors w ere elected at th e an n u al m eetings of th e tw o banks in Jan u ary . D irectors elected a t th e N ational B ank & T ru st are L. H. Busselle, W. A. E ik en b erry , M. J. Grogan, E. L. Gookin, E. H. P erry , A. R. H ass and Charles Hass, w ho is a new director, replacing R alph Van Dyke. Officers elected at the organization m eeting are M. J. Grogan, executive vice presid en t and cashier; L. H. Busselle, president; E. L. Gookin, vice president, and W. A. E ik en b erry , vice president. All directors w ere reelected at th e F irs t State Bank. T hey are R. E. 63 —• L arim er, F re d S. R isser, E. M. S tanton, J. D. T hrelkeld, and C. F. W ennerstru m . T he sam e officers w ere reelected. T hey are F re d R. R isser, p resident; R. E. L arim er, vice president, and L ester F. Sm ith, cashier. New London A t th e a n n u a l m eeting of th e stock holders of th e Iow a S tate B ank, C. H. Carlson w as elected d irecto r to succeed th e late Dr. G. M. V anA usdall. All o th er d irecto rs and officers w ere reelected. T he officers are: president, E lm er W right; vice president, F ra n k J. W alz; cashier, C. H. Carlson; a ssista n t cash ier, E. N. Sm ith. T he d irecto rs are E. H. Storm ont, C harles W alker, F ra n k J. W alz, E lm er W rig h t and C. H. Carlson. Largest in Des Moines I O W A N EW S •— Des Moines and has been in existence 25 years. E lm er E. M iller is presi dent and secretary and H u b ert E. Jam es is a ssistan t secretary. A. H. M innis is ch airm an and vice p resi dent, and E. S. Tesdell is counsel. C. F. T ow nsend and C. L. M innis are directors. Sheldon W. P. Iverson w as elected presid en t of th e Sheldon N ational B ank a t the a n n u al m eeting of stockholders, suc ceeding W. J. H ollander, w ho w as elected ch airm an of th e board of direc tors. E. B. M yers w as elected cashier of the bank, tak in g th e office left vacant by Mr. Iv erso n ’s advancem ent. F red J. P ylm an w as reelected a ssistan t cashier and Mrs. B urnice J. Geiger w as also elected a sistan t cashier. No changes w ere m ade in th e board of directors and th a t group includes Col. H. G. Geiger, Otto F. Bartz, F red K ruse, W. P. Iverson and W. J. H ol lander. B ankers T rust C ompany NEW YORK The Des M oines Building-Loan and Savings A ssociation now has assets of $3,525,891.59 according to its year-end sta te m e n t of condition. A ccording to P re sid e n t E lm er E. M iller, th e associCONDENSED S T A T E M E N T OF CONDITION, DECEMBER 31, 1942 ASSETS Cash and D u e from B a n k s .................. $ 4 8 4 ,9 2 7 ,5 2 6 .9 9 U . S. G overn m en t Securities . . . . 7 1 1 ,6 0 6 ,3 5 1 .5 0 Loans and B ills D isco u n ted . . . . 3 3 6 ,5 2 2 ,3 4 0 .2 8 State and M unicipal Securities . . . 2 9 ,4 8 1 ,6 2 8 .7 7 O ther Securities and In vestm en ts . . 3 9 ,5 1 8 ,5 6 1 .9 7 R eal Estate M o r t g a g e s ........................... 1 ,8 6 6 ,0 9 5 .0 6 B an k in g P r e m is e s .................................... 1 6 ,1 6 5 ,6 0 3 .6 8 2 2 2 ,7 5 6 .1 6 O ther R eal E s t a t e .................................... A ccrued In terest and A ccou n ts R e c e i v a b l e ............................................. 3 ,7 8 0 ,0 5 4 .4 0 C u stom ers’ L iability o n A ccep tan ces . ________9 8 9 ,4 2 1.65 $ 1 ,6 2 5 ,0 8 0 ,3 4 0 .4 6 LIABILITIES E. E . M IL L E R ation la st y e a r m ade new loans of $941,217. D ividend paym ents for 1942 w ere $125,156. T he Des M oines Building-Loan and Savings A ssociation is th e larg est in Banks Sold or Bought! quietly, quickly and in a personal manner JA Y A. W ELCH BANK BROKER C a p i t a l ...................... $2 5 ,0 0 0 ,0 0 0 .0 0 S u r p lu s ....................... 5 0 ,0 0 0 ,0 0 0 .0 0 U n d iv id ed Profits . 4 0 ,1 7 1 ,7 8 8 .7 4 $ 1 1 5 ,1 7 1 ,7 8 8 .7 4 D ivid en d Payable January 2, 19 4 3 . 8 7 5 ,0 0 0 .0 0 D e p o s i t s ...................................................... 1 ,5 0 4 ,6 5 7 ,6 0 9 .1 2 A ccrued T axes, Interest, etc.................. 2 ,4 7 2 ,6 3 3 .5 5 A cceptan ces O utstan ding . . $ 1 ,0 7 0 ,5 9 4 .7 1 Less A m ou nt in P o r t f o lio . . 8 1 ,1 7 3 .0 6 9 8 9 ,4 2 1 .6 5 O ther L iabilities ....................................... 9 1 3 ,8 8 7 .4 0 $ 1 ,6 2 5 ,0 8 0 ,3 4 0 .4 6 Securities in the above statement are carried in accordance with the method described in the annual report to stockholders, dated January 8, 1942. Assets carried ar $237,552,300.22 have been deposited to secure deposits, including $230,198,667.70 of United States Government deposits, and for other purposes. M em ber o f the Federal Deposit Insurance Corporation Haddam, Kansas “35 Years Practical Banking Experience” Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 64 Promotions at Iowa- Des Moines National A T th e an n u al m eeting of th e IowaDes Moines N ational B ank & T ru st Com pany, H erb ert L. H orton, president, announced five prom otions and th e addition of th re e officers to th e staff. H arold P. K lein and E v e re tt M. G rif fith w ere elevated from a ssista n t vice p resid en ts to vice p residents. George D. Jorgenson, A rth u r H. Keyes and C harles D. McCoy w ere prom oted from a ssista n t cashiers to a ssista n t vice presidents. The th re e new officers nam ed are C. Ream D aughrity, a ssista n t tru s t of- H A R O L D P. K L E IN V ic e P r e s id e n t G E O R G E D. JO R G E N S E N A s s i s t a n t V ic e P r e s id e n t Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 ficer, R. L. Carson, com ptroller, and H a rry L. W estphal, assistan t cashier. All o th er officers and directors w ere reelected. Mr. Klein, com m ercial banking de p a rtm e n t officer, has been w ith the b an k 16 years. He w as m ade assistan t cashier in 1933 and an a ssistan t vice p resid en t in 1937. Mr. Griffith, officer of th e corre spondent bank d ep artm en t, joined the b ank in 1929. P rio r to th a t tim e he w as associated for six years w ith the W ashington Loan & T ru st Company, W ashington, Iowa. He has been an assistan t vice p resid en t of th e IowaDes Moines N ational since 1933. Mr. Jorgensen, w ho came to th e bank from th e Iowa T ru st & Savings Bank, has been a ssistan t cashier in th e com m ercial banking d ep artm en t since 1929. He recently com pleted 25 years of banking experience. Mr. Keyes has been w ith th e bond d ep artm en t of th e b an k for over 15 years. A ssistant cashier since 1932, Keyes has specialized in the handling of U nited States governm ent bonds. Mr. McCoy joined th e b ank in 1930 and has been a ssistan t cashier since E V E R E T T M . G R IF F IT H V ic e P r e s id e n t A R T H U R H. K EY ES A s s is ta n t V ic e P r e s id e n t C H A R L E S D. M cC O Y A s s i s t a n t V ic e P r e s id e n t H A R R Y L. W E S T P H A L A s s is ta n t C a s h ie r 65 • IOWA 1940. He is in charge of th e b a n k ’s credit d ep artm en t. P rio r to jo in in g the p robate division of th e tr u s t d e p a rtm e n t of th e b ank last July, D aughrity w as for th re e y ears counsel in charge of th e in h e rit ance tax division of th e state ta x com mission. D au g h rity w as ad m itted to th e b ar in 1924 and practiced law for 12 y ears in Ida county before his em ploym ent by th e ta x com m ission. Mr. C arson has been w ith th e bank 24 y ears and d u rin g th a t tim e has w orked in various d ep artm en ts. He has been a u d ito r since 1939. Mr. W estp h al’s prom otion followed n early 10’ y ears of em ploym ent in th e bond d ep artm en t. He has been active in th e p u rchase and sale of Iow a m u nicipal and U nited S tates govern m en t securities. Mr. H o rto n also announced a fu rth e r in crease in th e su rp lu s account of th e b an k from $1,150,000 to $1,250,000. The capital account a fte r th is increase in cludes $2,500,000 of capital stock, all com m on; $1,250,000 of su rp lu s and $988,598 of undivided profits and u n a l located reserves. H O W Y O U R BANK W ILL BE A F F E C T E D BY RA TIO N BA N K IN G (C ontinued from page 11) handle b an k ratio n in g n o r do we a n ticip ate th a t it w ill be necessary to in crease o u r force to tak e care of th e new item s w hich m ig h t be rationed. The reason th a t I do not believe it w ill be necessary to increase our force is because, u n d e r th e new rules, it w ill be m an d ato ry to open accounts in b anks for tho se dealers w ho had a $5,000 or m ore cash volum e of b u si ness for th e m o n th of Decem ber, 1942. T here are few ind ep en d en t grocers w ho w ill have a volum e of business g re a te r th a n th e am o u n t specified by th e OPA. Of course, grocers w ith a less volum e of business m ay open accounts if th e y so desire. W ith our 34 accounts, w e find th a t th e re is v ery little activity. T he size of th is b a n k is a little over $2,800,000.” W alter N elson, cashier, R en sselaer C ounty Bank & T rust Com pany, R en s selaer, N ew York: “R ensselaer is a city of ap p ro x i m ately 11,000 population and we op ened a to tal of 55 su g ar accounts and tw o gasoline accounts. Our m erch an ts accepted th e plan readily, and seem ed to u n d e rsta n d it w ith a m inim um of in stru ctio n . The co-operation ex tended has been excellent. “U nder th e revised plan adopted on a nation-w ide basis J a n u a ry 27th, we NEWS • do n ot anticipate opening m ore th a n ten su g ar or coffee accounts and only tw o gasoline accounts, and th ere is no doubt in our m ind th a t the detail can be handled by our p resen t personnel th e sam e as we are doing u n d er the p resen t p lan .” L loyd L. Oothout, vice p resident and cashier, The N ational Bank of W atervliet, W atervliet, N ew York: “The custom ers of th is ban k com ing u n d er th e ratio n b anking provision are, to a large extent, sm all m erchants, and we have about 70 of these ac counts for sugar only at this tim e. Our custom ers ap p aren tly have been p er fectly satisfied w ith th e arran g em en t so far, and we have h eard of no con fusion w ith th e plan. “Up to th is tim e, it has not been necessary for us to increase our over head, and unless a su b stan tial am ount of business should occur from fu rth e r rationing, we see no reason w hy any increase should be necessary. “W e believe th a t th is is a very satisfactory m ethod of control for rationed goods, and we have entered into th e program w holeheartedly, leav ing any rem u n eratio n to the OPA. “It is our u n d erstan d in g th a t dis trib u to rs of rationed products w ill not be req uired to m ain tain ratio n bank accounts unless th e ir business exceeds $5,000 gross, b u t we are of the opinion th a t m any of our custom ers w ill con tin u e w ith th e a rran g em en t.” Ira F. Jagger, assista n t cashier and tru st officer, M echanics and F arm ers Bank, A lbany, N ew York: Wanted C o rresp o n d en t Bank Representative for Nebraska and Iowa Large bank in midwest offers splendid opportunity to junior bank officer or examiner with large acquaintance in these and adjoining states. Man 3040 years of age, preferred. Sal ary would be commensurate with ability. In answering give full history and references. Replies strictly confidential. Ad dress J. Z. B., care Northwest ern Banker, 527 Seventh Street, Des Moines, Iowa. Come . . . by all m eans . . . to Wartime Conference of Bankers TIME— February 12 PLACE—Martin Hotel, Sioux City We earnestly believe that all our banker friends in Iowa, Nebraska and South Dakota should make every effort to attend this year's meeting of Group One, Iowa Bankers Association, in Sioux City, February 12. This wartime meeting will call for discussion of many bank ing problems arising from the war—problems mutual to all of us. We sincerely expect the discussions to prove helpful to banking and the war effort. SECURITY N A T I O N A L BANK SIOUX CITY, IOW A Member FDIC Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 66 — IOWA NEWS — difficulty in tak in g care of th em and unless th e ratio n in g system is am plified to a considerable degree we are not likely to find them h a rd to handle.” “We have had b u t te n ratio n ac counts w hich all re p re se n t sugar. W hile th e ra tio n b an k in g in th is te r rito ry w as ex perim ental, it seem ed to w ork out v ery well, and we seem to find no difficulty w ith th e depositors in our su g ar accounts. Our depositors include several in stitu tio n s, one large b ak ery system , and one w holesale de positor of sugar, b u t few retailers. W e found th a t those of our depositors w ho are carry in g su g ar accounts m ade no com plaint, a t least to us. “Of course, w ith th e sm all nu m b er of accounts we carried we found no N ational B ank of Cohoes, Cohoes, N ew York: “The n u m ber of accounts we have h ad opened so far is 38, and ap p aren tly our m erch an ts do not find th e system involved, and are tak in g to th e plan in a cooperative spirit. “AVe have n o t found it necessary to increase th e nu m b er of our employes, b u t th is m ay become necessary if th e ratio n in g of item s assum es su b stan tial proportions.” Minnesota Federal Has G ood Year Jo h n F. Scott, p resid en t of th e Min nesota F ed eral Savings and Loan A ssociation of St. Paul, rep o rts a v ery good year for his association although m uch of its effort w as devoted to w ar w ork. THE NATIONAL BANK OF W A T E R L O O ------------------------------------------- * ------------------------------------------- STATEMENT OF CONDITION A t the close of business December 31, 1942 ■ -------------------------------------------------- ★ -------------------------------------------------- RESOURCES Cash and due from Banks...............................$ Loans and discounts........................................... U. S. Government Securities........................... State, County and Municipal Securities....... Other Bonds ....................................................... Stock in Federal Reserve Bank....................... Overdrafts ........................................................... Furniture and Fixtures...................................... Accrued Interest Receivable............................ 5,958,624.31 2,485,369.29 2,374,659.38 2,348,536.25 194,958.61 15,000.00 275.19 6,614.60 37,971.62 $13,422,009.25 LIABILITIES Capital Stock—Common .................................$ 250,000.00 Surplus................................................................. 250,000.00 Undivided Profits ............................................... 157,159.20 Reserve for Taxes,Interest, etc........................ 89,854.27 Interest collected but notearned..................... 6,965.65 Deposits ............................................................... 12,668,030.13 $13,422,009.25 ★ OFFICERS J ames M. Graham ___ President Cha s . S. M cK instry .... Fice Pres. R. L. P e n n e ........................Cashier H. F. H offer ....Assistant R. L. K ilgore....Assistant A. J . B urk Assistant M em ber Federal R eserve System M em ber Federal D eposit Insurance C orporation Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1943 Cashier Cashier Cashier JO H N F. SC O T T The M innesota F ed eral Savings and Loan A ssociation w as in seventh place in the U nited States in sale of th e Series “E ” W ar Bonds, am ong all th e Savings and Loan A ssociations, and sold over $2,000,000 of bonds. Also, th ey are servicing 62 public schools in St. P aul in th e sale of w ar stam ps. Seventeen boys from th e M innesota F ed eral are now in th e service, in cluding Jo h n F. Scott, Jr., th e only son of P resid en t Scott, w ho is in th e Officer C andidate School of th e F ield A rtillery a t F o rt Sill, Oklahoma. Mr. Scott, Jr., w ho is 25 y ears old, received his A.B. degree from th e U n iversity of M inne sota and his LL.B. from th e U niver sity of M ichigan. Roy H. P eterson, a form er ap p raiser for th e M innesota Federal, w orking out of th e M inneapolis office, has finished his basic tra in in g in th e T ank Corps a t F o rt Knox, K entucky, and is now read y to go to th e Officer T rain in g School at F o rt Knox. P eter M. Scott, a m em ber of th e law firm of Scott, B urke and Scott, and a b ro th e r of P resid en t Scott, has been com m issioned a full lieu ten an t in th e 67 - • n av y and re p o rts for d u ty F e b ru a ry 23. He received his LL.B. from th e U n iv ersity of M ichigan in 1931. P resid en t Scott w as head of th e Red Cross W ar F u n d driv e in St. P aul last y e a r and w ill be again th is y ear w hen th e drive s ta rts in March. H a rry G. McNeely, president, St. P au l T erm in al W arehouse Com pany, w as elected to th e board of d irectors of th e M innesota F ed eral at th e a n n u al sh areh o ld ers m eeting. Mr. Mc N eely succeeds Jen n in g s L. O’Connor of Olivia, M innesota, w ho recen tly m oved to E dm onton, A lberta, Canada. T he M innesota F ederal, on Decem ber 31, 1942, h ad first m ortgage loans of $17,282,400, and cash on h an d and in b anks $685,284. T he to tal resources w ere $19,993,915. The officers and directo rs are: Jo h n F. Scott, p resident; H. C. L indquist, vice p resident; W. B eaupre E ldredge, secretary; C. H. Ohm, tre a su re r; Thos. E. Good, vice presid en t; F red eric Cros by, vice p resid en t (p resid en t A m erican H oist & D errick Co.); E. C. L undquist, W illm ar, M innesota; M. E. S alisbury (p resid en t S alisbury & S atterlee Co.); Lee F. W arn er, (general m anager, McG ill-W arner Co.); H u b e rt W. W hite (president, H u b e rt W. W hite, Inc.), H a rry G. McNeely. IOWA NEWS • - people, both from th e stan d p o in t of h u m an effort as well as financial. We all m u st becom e conscious of our obli gations, and conscious of th e real needs of th e co u n try in order to m ake these efforts successful. The g overnm ent plans to increase income taxes to $25,000,000,000, and to raise th e ex tra $75,000,000,000 from the sale of bonds. Obviously, those re ceiving th e incom e above outlined m ust in vest m ore heavily th a n th ey ever th o u g h t possible, and unneces sary spending cu rtailed to a m inim um in order to m ake funds available for th e ir purchase. All th is spending is giving us an ex h ilaratio n of prosperity, b u t it seem s idle to talk of being prosperous w hen we all know th e re can be no p ro sp erity in w ar—-that w h at we are doing in all th is financing is to w rite obligations ag ain st th e fu tu re earnings of our country. BUSINESS C O N D IT IO N S IN 1943 T O BE FA V O R A B LE (C ontinued from page 12) w h a t th e cost. Its outcom e w ill de term in e o u r liberties, our rig h ts as a free nation, an d we do not propose to su rre n d e r them . In all o u r w ars to date, th e o rd in ary citizen had m ore or less th e th o u g h t th a t th e cost of th e w ar should be borne by th e rich or well-to-do and th e financing w as n o t of so g re a t an am o u n t b u t th a t th is w as done. W e are in an alto g eth er different situ a tio n in re g a rd to th is w ar. W e w ill need to raise th is y e a r 100 b il lion dollars by tax atio n and borrow ing, so we m u st look to w hoever is receiv ing th is m oney in ord er to see w here to get it. It is estim ated th e N ational incom e for 1943 w ill be as follows: Salaries and W ages $ 75,000,000,000 F a rm Incom e 15,000,000,000 D ividends and In te re st 15,000,000,000 O ther Incom e 20,000,000,000 $125,000,000,000 W e can easily see th a t if we took all th e incom e from dividends and in te re st we w ould only raise 15 p er cent of th e am o u n t needed—so th is is a w ar of all WHEN YOUR CUSTOMERS SHIP To the Chicago Market Drovers N ational Bank can help you g iv e fast service to your custom ers w ho ship live stock to C hicago. W ithin a few hours after sa le s are m ad e here in the "Yards” the p roceeds can be m ade a v a ila b le to your custom ers at your bank. Drovers Live Stock Shippers' Instruction Forms are an aid to this fast service. O ne of these sim ple forms, w h en properly filled in at your bank, instructs the com ission firm to transmit p roceeds through the Drovers. Keep these Drovers forms on hand, w hether or not your bank is a regular correspondent. W e w ill be g la d to send you a su p p ly upon request. DROVERS NATIONAL RANK DROVERS TRUST & SAVINGS RANK MEMBERS, FEDERAL DEPOSIT INSURANCE S CORPORATION • C H I C A G O Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^3 68 — • IOWA W e are looking to o th er fields ra th e r than personal gains, and we count th e big events to us th is last year, th e b attles of Midway, Solomon Islands and G uadalcanal, th e rearm in g of our nation al defense, th e p ush into N orth A frica—th e rebuilding of our sp iritu al belief in liberty. W e are on th e move, and m ay it not end u n til lib erty and peace come to us and to th e w orld, so th a t sw ords m ay again be m ade into p low shares—th a t we can produce in abundance for th e needs of th e w orld. NEWS • - 35 Per Cent Increase Deposits of th e Tootle-Lacy N ational Bank, St. Joseph, M issouri, stood at $13,121,000, according to th e Decem ber 31, 1942, statem en t of th e in stitu tio n — an increase of 35 p er cent over deposits on th e sam e date a year ago. On an o th er page of th is issue of T he N orth w es te rn B anker M ilton Tootle, III, vice p resid en t of th e Tootle-Lacy N a tional Bank, tells about th e system he uses in th e purchase and sale of gov ern m e n t bonds. O ther officers of the Tootle-Lacy N a tional B ank are M ilton Tootle, Jr., president; G raham G. Lacy, vice p resi dent; E. H. Zim m erm an, vice p resi dent; R. E. W ales, cashier, and F red T. B urri, assistan t cashier. L E G A L Q U EST IO N S (C ontinued from page 16) application w ith o u t the k now ledge or co n sen t of the applicant are not bind ing on the latter. P etrie, a M issouri banker, w as as saulted by Snow ton and in ju red seri ously. The b an k er recovered and crim inal proceedings w ere b rought against Snowton. At th e tria l Snowton contended th a t the assau lt had been bro u g h t on because th e b an k er cursed him and used language de scribing him , Snowton, in vile term s. W ould the assault have been justified if S now ton’s contentions w ere correct? No. L anguage or ep ithets, h ow ever offensive, w ill not ju stify or excuse an assault. THE NEW AND " I MP ROVE D M & lC U S U f, BAtyK-BY^-MAIL The ow ner of a m ercantile estab lishm ent becam e b a n k ru p t and, d u r ing th e course of th e b an k ru p tcy procedings, assisted th e tru ste e in b an k ru p tcy and his creditors in recovering certain assets and also in doing v a ri ous o th er things in th e handling of the m atter. His services w ere not e x tra o r din ary in c h aracter and th e re w as no p articlar em ploym ent of him to do the w ork. Is he entitled to an allow ance for his services? No. A bankrupt can secure com pen sation for serv ices rendered during b ankruptcy proceedings on ly for ex traordinary serv ices and then only w h en there is a particular em p loym ent for such services. Continental Promotions C^nAjeZope S a v e your depositor's g a so lin e a n d tires! Offset the scarcity of clerical help! H andle your volum e with few er p eop le! S e e how the M ercury Bank-By-Mail e n v e lo p e fits tod ay's conditions a n d so lv es m an y of your present problem s. W rite for sa m p les an d the com plete plan. B er k o w itz E n v elo pe C o . 1912 Grand Ave., Des Moines, Iowa Northwestern Ranker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19'i3 At the an n u al m eeting of th e board of directors of the C ontinental Illinois N ational B ank and T ru st Com pany of Chicago, th e follow ing elections took place: L ester T. Boe, Jo h n F. M annion, Jo h n W. Nichols, H en ry R. Platt, Jr. and O. B. W allace, who w ere second vice presidents, w ere elected vice pres idents. Jo h n W. Baker, A. Gordon B radt, M erle G. G lanville, David H an dler and Boyd J. Simmons, w ho w ere a ssistan t cashiers, w ere advanced to second vice presidents. B erford B rit tain, Jr., A rth u r J. F rey, A rth u r W. Higby, Jo h n P. Hoffm ann, Jo h n F. Mc Guire, Jr., W ilhelm R. M esenbrink, Orion M orris, W illiam G. Olson, Mag nus I. R onning and George W iersem a w ere elected assistan t cashiers. 69 —• I O W A In th e tr u s t d ep artm en t, W ayne R. B ennett, w ho w as a second vice p resi dent, w as elected a vice president. Cecil B ronston, C harles E. C lippinger, B ruce H. D eSw arte, F re d e ric k W. Haw ley, Jr., H arold P. Sm ith and Jam es F. V anek, form erly a ssista n t secretaries, w ere m ade tr u s t officers. E rn e st D. H olm es and V ictor P. Nel son w ere elected a ssista n t secretaries. New Assistant Cashier Rex V an A lstine, recen tly elected a ssista n t cash ier of The Live Stock N ational B ank of Chicago, is a nativ e of H um boldt County, Iowa. S tartin g in th e b an k in g business in 1914, he NEWS •in th e public schools of th a t city and at V anderbilt U niversity, N ashville, Tennessee. In July, 1940, Snyder w as called to W ashington to assist in establishing liaison betw een th e R econstruction F i nance C orporation and th e arm y and navy, in connection w ith business loans for defense purposes. In A ugust of th a t year the Defense P lan t Corpo ratio n w as organized by th e Recon stru ctio n Finance C orporation to aid in th e program of co n stru ctin g indus trial p lan ts for the m an u factu re of iers, and Clifford I. M acCullough, H en ry C. M ersereau and T. Charles Sullivan as real estate tru s t officers. First National, St. Louis Jo h n W. Snyder, m anager, St. Louis Agency of th e R econstruction Finance C orporation and executive vice p resi dent, D efense P lan t C orporation, W ash ington, D. C., w as elected a vice p resi dent of the F irs t N ational B ank in St. Louis. Mr. Snyder w as born in Jonesboro, A rkansas, and received his education REX VAN A L S T IN E has been co ntinuously identified w ith ban k in g and a g ric u ltu ra l financing in Iow a and N ebraska, w ith th e excep tion of one y e a r a t th e U n iv ersity of Iow a and two y ears in th e A. E. F. as a L ie u te n a n t d u rin g th e F irs t W orld W ar. He cam e to Illinois in 1940 as cashier of th e Plainfield N ational B ank, and has been w ith T he Live Stock N ational B ank of Chicago since Ju n e 1, 1942. T O D A Y virtu ally all industry is en g a g ed in m ak in g p roducts that co n trib u te in o n e w ay or an oth er to w in n in g the war. W ith the co n cen tra tio n o f so m uch w ar p ro d u ctio n in this area, C hicago has b eco m e o n e o f d em o cra cy ’s greatest arsenals. T h is focus o f w ar p ro d u ctio n effort has b rou ght to the A m erican Promotions N a tio n a l B ank and T rust C om p any broad ex p erien ce in the an al T he Chase N ational B ank has a n nounced th e follow ing prom otions in th e official staff of th e bank: L ouis A. B ruenner, Jo h n J. Scully and R ansom H. Skeen as vice presid en ts; P aul C. B eardslee, E sm ond B. G ardner, Joseph C. H anson, Jr., R obert L. H atcher, Jr., A rth u r K unzinger, Jacob M agenheimer, N icholas J. M urphy, Jo h n P rentice, Jam es V. R itchey, Jr., and Jam es E. Scully as second vice p resident; Don ald L. B allantyne, Jam es Bloor, P aul F. Clarke, B u rn e tt O. Doane, George H olzm an, W illiam B. Jo h n sto n , P aul A. McM anus, F ra n k A. R ichards and W alter E. R u th erfo rd as a ssista n t cash- ysis and finan cing o f war contracts. M any o f our co rresp o n d en t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis banks have drawn on this ex p erien ce to aid them in serv in g their o w n cu stom ers, and w e b eliev e w e can be equally h elp fu l to you. AM ERICAN NATIONAL BANK AND TRUST COMPANY OF C H I C A G O LA S A L L E S T R E E T M em ber F ederal D eposit j AT W A S H I N G T O N '1® Insurance Corporation w OUR B U S I N E S S I S T O H E L P B U S Northwestern Banker NES S February 19^3 70 • articles of w ar, at w hich tim e Mr. Sny der w as m ade executive vice president. Mr. Snyder took up his d uties w ith the b an k on J a n u a ry 13th, b u t an a r ran g em en t has been m ade for him to give p a rt tim e for th e n e x t few m onths to th e RFC and Defense P la n t Cor poratio n in W ashington, to com plete th e w o rk he now has u n d erw ay there. A t th e a n n u al m eeting of th e stock holders of th e F irs t N ational B ank all directors w ere reelected. A t th e m eet ing of th e board of directo rs w hich fol lowed, Jo h n W. S nyder w as elected a vice p resid en t (as above), and J. L. IOWA NEWS • Sharp w as advanced from assistan t m anager to m anager of th e foreign de p artm en t. All o th er officers w ere re elected. Annual Meetings of Iowa Investment Bankers R obert A lexander, W hite-Phillips & Company, D avenport, w as elected p re s id en t of the Iow a In v estm en t B ankers A ssociation at th e an n u al m eeting of th e organization in Des Moines on J a n u a ry 29. O ther officers nam ed w ere Roy W. Leriche, W heelock & Cum m ins, Inc., first vice president; R obert ★ M cCrary, M urdoch, D earth & W hite, Des Moines, second vice president; C harles M arcellus, M cGuire-W elch & Company, Des Moines, secretary; and S herm an W. Fow ler, Iowa-Des M oines N ational Bank, treasu rer. N ew ly elected to th e board of gov ern o rs w as E d g ar F. Grim m , Paine, W ebber, Jackson & Curtis, Des Moines; V ictor Becker, C arleton Beh Company, Des Moines; Owen M cDerm ott, Shaw, M cD erm ott & Sparks, Des Moines; Carl Stutz, W hite-Phillips & Company, Dav enport; Jo h n Byers, Quail & Company, } ★ ESPECIALLY HELPFUL TO CORRESPONDENTS AT THIS TIME ROBERT ALEXANDER D avenport. H oldovers on th e board of governors are A rnold J. Boldt, D aven port; E dw ard H. Kane, Cedar Rapids; W alter J. Pyper, Council Bluffs, W il liam L. H assett, Des Moines; Roy W. Leriche, Des Moines; and A. L. Mc L aughlin, D avenport. R eporting on m em bership of th e A ssociation, th e secretary said th a t du rin g th e p ast year the organization lost seven m em bers and gained four, w ith th e total m em bership of th e A ssociation now standing at forty-five. Y V T A R brings w ith it a h o st o f new problem s, * V new regulations, and an even greater need for com plete facts and figures. Such up-to-them in u te inform ation, to g eth er w ith th e o p p o r tu n ity to consult here w ith friendly, experienced officers, is m ade readily available to all corre spo n dents o f T he N o rth e rn T ru st C om pany. T hus, in ad d itio n to h an d lin g th e flow o f n o r m al ro u tin e transactions, this in stitu tio n takes particular pains to serve com pletely th e newly accelerated needs o f its banker custom ers. Inquiries concerning th e advantages o f a co n n ection here are cordially invited. Highest Volume THE NORTHERN TRUST COMPANY 50 S O U T H LA SALLE STREET, C H IC A G O Member Federal Deposit Insurance Corporation ★ Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ★ February 1943 A D uring 1942 th e 12 F ederal in te r m ediate credit banks extended credit in excess of $800,000,000, th e h ighest volum e in th e h isto ry of th e system and an increase of nearly $50,000;000 over th e sam e date a year ago, accord ing to George M. B rennan, In te rm e diate C redit Com m issioner. The banks are a p a rt of th e F arm C redit A dm in istration. He estim ated th a t th e total n um ber of borrow ers from in stitu tio n s and th e m em bership of associations affected directly or indirectly by th is credit exceeds 2,250,000 farm ers and stockm en. A fter paying th e franchise tax, th e balance of th e F ederal in term ediate A 71 . credit b a n k s’ 1942 earn in g s in excess of adequate provision for reserv es is being passed to surplus, b rin g in g th e earned n et w o rth of th e system up to n early $28,000,000. T he capital stock of th e banks, aggregating $60,000,000, is ow ned by th e F ed eral governm ent. T he b an k s are p aying into th e U nited States T re a su ry from 1942 e a rn ings fran ch ise tax es am o u n tin g to $465,059.09, b rin g in g th e to tal of such tax es paid from th e ir o rganization about n in e te e n y ears ago to date to over $6,000,000. I O W A N E W S • N ational Bank, M ilwaukee, all officers of th e b ank w ere reelected and tw o ad vancem ents w ere announced by W alter K asten, president. C hester D. R aney w as advanced to th e position of vice p resid en t and Mr. K asten rep o rted th e recen t prom otion of E dw ard R. D roppers to assistan t cashier. Mr. R aney began his b an king career in 1901 as a m essenger boy at th e Germ an-A m erican B ank (later th e A m eri can N ational). A fter w orking in all th e clerical and teller positions of the bank, Mr. R aney w as nam ed assistan t cashier in 1916. The follow ing year he w as appointed m anager of th e b a n k ’s M itchell S treet b ran ch and in 1920 w as given credit supervision of th e b a n k ’s tw o south side branches. In 1928 w hen th e A m erican N ational w as consoli dated w ith th e F irs t W isconsin N a tional Bank, Mr. R aney becam e assist a n t vice p resid en t of th e F irst W iscon sin and has been a loaning officer of th e b an k since th a t date. Central Hanover, New York P aul A. R oth has been appointed a ssista n t se cretary by th e board of tru ste e s of th e C entral H anover B ank and T ru s t Com pany, New York. Mr. R oth has been associated w ith th e tr u s t d e p a rtm e n t of C entral H a n over since 1928. He is considered an a u th o rity on th e p lan n in g and tax atio n of estates, and over a period of years has tra in e d m any m en from b anks th ro u g h o u t th e U nited States in th ese m atters. Mr. R oth w as form erly w ith th e P u b lic Service C orporation of New Jersey, and at one tim e served as a cadet for !% -• ■ , m untre °ur wR°Ve cou country- bY the b k count''Y ' tse' t n0t onutnenL G o d ,tn a y ^ T Í pp" A T»« ? " e“ cvrtk adn ^ aniel Wcbster jf* MERCANTILE P A U L A. R O T H th a t com pany. He served in th e U. S. N avy d u rin g W orld W ar I, and is a g rad u ate of th e L afay ette School of Buffalo, New York, and of th e W h a r ton School of F in an ce of th e U n iv er sity of P ennsylvania. -COMMERCE B an k , and SAINT ★ V Two Promotions A t th e annual m eeting of th e board of d irecto rs of th e F irs t W isconsin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker February 1943 72 • IOWA Mr. D roppers joined th e staff of th e F irs t W isconsin in 1928, a few m onths a fte r his g rad u atio n from th e U n iv er sity of W isconsin. He served in v a ri ous d ep artm en ts of th e bank, m ainly in th e credit field. On Septem ber 10, 1942, he w as advanced to a ssistan t cashier in th e cred it d ep artm en t. Officers reelected are: W alter H as ten, president; W illiam Taylor, execu tive vice p resident; G erald B. Hadlock, W illiam G. B rum der, E dw in B uchan an, George T. Campbell, George E. Fleischm ann, W illiam J. Klum b, Jos. U. Ladem an, E dw in R. Ormsby, Jo h n S. Owen, Joseph W. Sim pson, Jr., and Roy L. Stone, vice presidents; A. G. Casper, cashier; C larence H. Lichtfeldt, com ptroller; Carl M. Flora, Don ald A. H arp er, P ie rre N. H auser, R ich ard J. Law less, F ra n k T. Nicolai, Ches te r D. R aney, N icholas R endenbach, E dw ard S. Tallm adge, L. C arleton W hite and R obert A. Z entner, assistan t vice p resident; Clarence S. Becker, Sam uel E. Callahan, D. W esley Correll, P hilip J. Dreis, E d w ard R. D roppers, W alter E. Engel, Jo h n L. G ruber, L aw rence K. H oughton, E d w ard V. K aiser, George F. K asten, Sylvester M. R oller, A ustin S. L ett, R oland R. Roehm , W il liam E. Schum m , and C larence J. W eber, assista n t cashiers. NEWS Bankers Trust Company E rik J. L indhardt, presid en t of the N ational B y-Products Co., because a m em ber of th e board of directors of th e B ankers T ru st Co., Des Moines, at th e an n u al m eeting. In announcing L in d h a rd t’s election, B. F. K auffm an, presid en t of the bank, explained th a t th e size of th e board had been increased by one. Officers and board m em bers w ere reelected. The directors, in addition to L ind h ard t, are P aul Beer, J. G. Gamble, F. W. H ubbell, R ussell Reel, Dr. O. J. Fay, J. W. Howell, J. W. H ubbell, Shirley Percival, Jo h n D. Shuler, S. C. Pidgeon, R. R. Rollins and Kauffm an. Officers reelected, in addition to the president, w ere C. W. M esmer, vice president; F. C. A tkins, cashier; L. N evin Lee, assistan t vice president; F. S. Lockwood, secretary and tru s t of ficer; W illiam Ellison, G. A. Moeckly, A. F. E rickson and K. L. DeBolt, assist an t cashiers. At th e an n u al stockholders m eeting of the A m erican T ru st and Savings Keokuk In recent years the following nationally known industries have located branches in Clinton: E. I. du Pont de Nemours (cellophane) Pillsbury Feed Mills (animal feeds) W. Atlee Burpee Co. (seeds that grow) The Government has just completed a thousand-bed Veterans' Hospital—Schick General Hospital. “ W a tc h Clinton G ro w '’ Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NATIONALBANK C o n to r t, February 19^3 Creston Dubuque is in the perfect center of the agricultural radius which is today supplying 40 per cent of the earth's population with food. CLINTON, IOWA Bank, W. N. Gabb and D. B. C assat w ere added to th e board of directors. O ther directors reelected are C. J. Schrup, D. W. E rn st, B. J. Oswald, Otto F. H enker, and Roy F. Glab. C harles J. Schrup w as elected ch air m an of th e board of directors a t th e first m eeting of th e board for 1943. D. W. E rn s t w as elected president, and Roy F. Glab, vice president. The ap p ointm ent of C. J. Kleinschm idt as cashier and A. L. Vogl as a ssistan t cashier w as announced. Jo h n E. D eitrick w as elected p resi den t of th e Iowa State Savings B ank by the 1943 directors follow ing th e an n u al m eeting of stockholders. D eitrick, w ho has been vice p resi den t of th e bank, succeeds O. Grady, who recen tly m oved to Cedar Rapids. O ther officers elected w ere C. S. Rex, vice president, R. K. Meadows, cashier, and E rn e st P orter, a ssistan t cashier. Serving as directors for th e com ing year will be D eitrick, Rex, S. R ay E m e r son, D. F. E. Sampson, F aye R aw ls D avenport and W. C. T ram p. CLINTON, IOWA FIFTH AVENUE SOUTH-226. * M e m b e r Fe d e ra l R eserve System a n d Fe d e ra l D ep osit In su ran ce C o rp o ratio n One change w as m ade in th e direc to rate of th e K eokuk Savings B ank and T ru st Com pany w hen th e b ank held its an n u al m eeting recently. George B enner w as added to th e board succeeding Dale E. C arrell, Sr., w ho resigned because of th e press of o ther business. All o th er m em bers of th e board w ere reelected. T hey are E d w ard K. Jo h n stone, Mrs. H ow ard Connable, T hom as F. Talbot, W alter Thiele, C. E. P hillips and Stanley L. H art. Officers of the b an k w ere also re elected, including E d w ard K. Jo h n stone as president, T hom as F. Talbot as vice president, W alter Thiele as cashier, and H. L. B ughm an and A ub rey V. Allen, a ssistan t cashiers. 73 • !O WA Sioux City T he an n u al elections of officers in Sioux City b an k s w ere held in J a n u a ry and only one b an k rep o rted a change. C arleton C. V an Dyke w as nam ed to succeed J. W illiam V an Dyke on th e board of d irecto rs at th e Toy N ational Bank. The la tte r is serv in g in th e U nited States A rm y d u rin g a tem po ra ry leave of absence. A t th e S ecurity N ational B ank all p re se n t officers and directors w ere re elected. T he officers are C harles R. Gossett, presid en t; B. M. W heelock, vice presid en t; A lbert E. E ck ert, vice president; R. E a rl Brow n, cashier and Daniel B. Severson, F ra n k H. Abel, A lvin G. N elson and R obert W. Lewis, a ssista n t cashiers. D irectors are P aul Bekins, H u b e rt H. E v erist, Mr. Gossett, W illiam W. M acfarlane, E d w ard C. Palm er, George L. Booth, Otis P. G ar rison, H arold A. Jacobsen, J. E arle M artin and H a rry P. P ra tt. The L iv e Stock N ational Bank re elected all officers. Carl L. F redricksen, presid en t; M ark A. W ilson, vice president; W illiam G. Nelson, assistan t vice p resident; W illiam C. Schenk, cashier, and H en ry C. L induski, Clif ford L. A dam s and Jo h n S. H aver, a ssista n t cashiers. D irectors consist of H arold C. Boswell, C harles R. Mc K enna, B yron L. Sifford, George F. S ilk n itter, Mr. F re d ric k se n and Mr. W ilson. T he W oodbury County Savings Bank ren am ed all of th e p re se n t of ficers and renew ed its c h a rte r for a n o th er 50 y ears a t th e business m eeting recently. T he officers are: M. C. Eidsmoe, president; C. T. M cClintock, vice p resid en t and cashier; L. R. M anley, vice president, an d A. L. C hesebro and A. R. Miller, a ssista n t cashiers. D irec to rs are Mr. Eidsm oe, Mr. M cClintock, Otto F. Bridge, E. S. G aynor, C. T. H opper, Jesse E. M arshall and C. F. Seibold R enam ed at th e F ir st N ational Bank w ere A. G. Sam, president; J. P. Hainer, vice p resident; F ritz F ritzson, vice presid en t and cashier; J. T. G rant, J. R. G raning and E. A. Johnson, a ssist a n t cashiers. M em bers of th e board of d irecto rs are S. F. Cusack, C. M. Stilwill, C. S. Van E aton, R. H. Foutz, W. J. Downey, D. W. S tew art, Mr Sam, M r H ain er and Mr. F ritzson. T he M orningside S avin gs Bank re po rted no change and will continue w ith H. H. E pperson, president; R. E. Sim an, vice president; A. J. B ertelsen, cashier, and K. A. Scheibe, a ssista n t cashier. T hese officers w ith D. S. Prusin e r m ake up th e board of directors. The M orningside State B ank re nam ed Jo h n Scott, Jr., as president; NEWS • W. L. Ayers, vice presid en t and cash ier, and C. D. N issen a ssistan t cashier. T hese th ree join Dr. J. E. D eW alt and M rs W. L. A yers to compose the board of directors. D n d c Cherokee Jo h n B. Keeline, form erly of Coun cil Bluffs, Iowa, w as elected p resident of th e C entral T ru st and Savings B ank at a m eeting of th e board of directors. x D A l l i e d M u t u a l C a s u a l t y C o m p a n y ............... 25 A. C. A l l y n a n d C o m p a n y ................................. 28 A m e r i c a n N a t i o n a l B a n k a n d T r u s t C o .. 69 B a n k e rs T r u s t C om pany, D es M oines. . . B an k e rs T ru st Com pany, New Y ork. . .. B e r k o w i t z E n v e l o p e C o m p a n y .................... B u r l i n g t o n B a n k s ................................................ 57 63 68 62 C e n t ra l H a n o v e r B a n k a n d T r u s t C o ... C e n t r a l N a t i o n a l B a n k a n d T r u s t C o .. . . C h a s e N a t i o n a l B a n k ........................................... C i t y N a t i o n a l B a n k , C l i n t o n ......................... C ity N a tio n a l B a n k an d T r u s t C o m p a n y , C h i c a g o ...................... C o n tin e n tal N atio n al B ank, L in c o ln ... 47 8 75 72 I) E lm s H o tel 26 F F e d e r a l H o m e L o a n B a n k .............................. F e d e ra l In te rm e d ia te C red it B a n k s . . . . F i r s t N a t i o n a l B a n k , C h i c a g o ....................... F i r s t N a t i o n a l B a n k , O m a h a ......................... F i r s t N a t i o n a l B a n k . S i o u x C i t y ............... F i r s t W i s c o n s i n N a t i o n a l B a n k .................. F i s h e r C o m p a n y ..................................................... 28 29 46 52 61 34 59 M M a n u f a c t u r e r s T r u s t C o m p a n y .................... M ercan tile-C o m m erce B a n k an d T ru s t C o m p a n y ................................................................. M erch an ts M utu al B onding C om pany. . . M e r c h a n t s N a t i o n a l B a n k ................................. M i n n e s o t a C o m m e r c i a l M e n ’s A s s n ............ M in n eso ta F e d e ra l S av in g s an d L o a n .. M in n eap o lis-M o lin e P o w e r Im p le m e n t C o m p a n y ................................................................. 3 73 60 54 42 31 71 26 2 22 38 40 N N a t i o n a l B a n k o f W a t e r l o o ......................... 66 N e w h o u s e P a p e r C o m p a n y ............................ 24 N e w Y o r k T r u s t C o m p a n y .............................. 32 N o r t h e r n T r u s t C o m p a n y ................................. 70 O O m a h a N a t i o n a l B a n k ........................................ 17 P h i l a d e l p h i a N a t i o n a l B a n k ......................... P u b lic N a tio n a l B a n k a n d T r u s t C o .... 41 33 S t. P a u l F e d e r a l S a v i n g s a n d L o a n A s s o c i a t i o n ............................................................ 37 St. P a u l M e r c u r y I n d e m n i t y C o m p a n y . 23 S c a r b o r o u g h a n d C o m p a n y ........ 2 1 - 3 0 - 5 5 S e c u r i t y N a t i o n a l B a n k , S i o u x C i t y --- 65 G u a r a n t y T r u s t C o m p a n y ................................. 44 T T o d d C o m p a n y ....................................................... 24 T o o t l e - L a c y N a t i o n a l B a n k ....................50- 51 H a w k e y e M u tu a l H a il I n s u r a n c e A ssn .. H o m e I n s u r a n c e C o m p a n y .............................. U U n i t e d S t a t e s N a t i o n a l B a n k ................... 26 4 48 W Io w a -D e s M o in es N a tio n a l B a n k a n d T r u s t C o m p a n y .................................................. 76 Iv K och B ro th ers ....................................................... 73 W a n t A d ....................................................................... 65 C h a r l e s E . W a l t e r s ......................................... 53 J a y A . W e l c h ...................................................... 63 W e s s l i n g S e r v i c e s ................................................ 73 W e s t e r n M u t u a l F i r e I n s u r a n c e C o ... 20 BANK SUPPLIES DES MOINES BUILDING-LOAN & SAVINGS ASSOCIATION Addressing Machines . . . . Adding Machines D uplicating M a c h in e s ................Electro-Copyist Equipment . . . Ozalid W hiteprint Process Typewriters . . . Ediphone Voice W riting Friden Calculators Oldest and Largest in Des Moines 411 6th Ave. Dial 4-7119 ELMER E. M ILLER Pres, and Sec. HUBERT E. JAMES A sst. Sec. KOCH BROTHERS FOR YOUR EN JO Y M E N T . . . Prin ters . . . Bookbinders . . . Office Outfitters Stationers . . . B usiness Machines L isten to the “WORLD OF M USIC” KSO, 1460 KC D i z a Ù n q < j C o u n s e l D Grand A venue at Fourth Street DES MOINES 9 :30-10 :00 a. m. Sundays 21st year p la n n in g a d v e r tis in g p rogram s for b a n k s and tr u s t c om panies . . . W r ite fo r P rogram K e y e d to W a r T im e s . ^ S e Z(JLC E Í o n B a n k R . W E S S L IN G , P R E S ID E N T P u b l i c R e l a t i o n s ¿J\f\olnziL,, Dovera Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c G e o r g e L a M o n t e a n d S o n ................................. L e s s i n g A d v e r t i s i n g C o m p a n y .................... Live Sto ck N a tio n a l B an k , C hicag o . . . . L ive S to ck N a tio n a l B an k , O m a h a. . . . . . L ive S to c k N a tio n a l B a n k , S ioux C i t y . . 32 53 D a v e n p o r t , F . E . a n d C o ...............................5 2-6 1 D e L u x e C h e c k P r i n t e r s , I n c ................. 33 D es M o in es B u ild in g , L o a n & S a v in g s A s s o c i a t i o n ................................ 73 D r o v e r s N a t i o n a l B a n k ...................................... 67 o Februar y Í9b3 74 IN THE DIRECTORS' ROOM Yes, There Were No Hurry G angster (ru sh in g into saloon shoot ing rig h t and le f t) : “All you d irty sku n k s get outa h ere.” T he custom ers fled in a hail of bullets—all except an E nglishm an, w ho stood calm ly finishing his drink. “W ell,” snapped th e gangster, w av ing his sm oking gun. “W ell,” rem ark ed th e E nglishm an, “th e re certain ly w ere a lot of them , w e re n ’t th e re ? ” Client: You are too young to con duct m y case. Young Law yer: But, sir, th e re is no saying how long it w ill drag on. Take a Letter! “Now look here, I fired th re e girls for rev isin g m y letters, see?” said th e boss to his new steno. “Yes, sir.” “All rig h t now tak e a le tte r and tak e it th e w ay I tell you.” A nd th e nex t m orning Mr. O. J. Squizz of th e Squizz Soap Com pany received th e follow ing letter: “Mr. O. K. or A. J., or som ething, look it up. Squizz, w h a t a nam e, Soap Com pany, Detroit, th a t’s in M ichigan, isn ’t it? D ear Mr. Squizz, H m m m m . You’re a hell of a business m an. No s ta rt over. H e’s a crook, b u t I can ’t in su lt him or th e b u m ’ll sue me. The last sh ip m en t of soap you sen t us w as of in ferio r q u ality and I w a n t you to u n d e rsta n d —H m m m —unless you can ship—fu rn ish —ship, no, scratch th a t out. I w a n t you to u n d e rsta n d — H m m m —unless you can ship—fu rn ish —ship, no fu rn ish us w ith y o u r re g u lar soap, you need n ’t ship us no m ore period or w h atev er th e g ram m ar is, and pull dow n y o u r skirt. T his dam n cigar is out again. “W here am I? P arag rap h . Your soap w asn ’t w h at you said—I should say it w asn ’t. T hem bum s trie d to p u t over a lot of hooey on us. W hadda you flappers w a n t to p a in t y e r faces up likes In d ians on th e w arpath? W e’re sending back y o u r last shipm ent of soap tom orrow . Sure, w e’re gonna send it back. I ’d like to feed it to ’em w ith a spoon a n ’ m ake ’em eat it, th e d irty bum s. Now read th e le tte r over —no, don’t read it over. W e’ve w asted enough tim e on th em crooks, fix it up and sign m y nam e. W h at do you say we go out to lu n ch ?” Twice as Much Sympathy W hen Mrs. B erg’s expensive new fur coat w as delivered to h e r home, she fondled it ecstatically for a tim e, and th e n looked sad for a m om ent. “W h a t’s th e m atter, a re n ’t you satis fied w ith it? ” in q u ired h er husband. “Yes,” she answ ered, “b u t I feel so so rry for th e poor th in g th a t w as sk in n ed.” “T h an k s,” said Mr. Berg. Move On Traffic Cop (opening notebook): “N am e?” M otorist: “A loysius A lastair Cyprian B eaupre.” Traffic Cop (p u ttin g notebook aw ay): “W ell, don’t let me catch you again.” High Finance A Scotchm an had been com plaining of insom nia. “E ven counting sheep is no good,” he sighed. “I counted 10,000, sheared ’em, combed th e wool, had it spun into cloth . . . m ade into su its . . . took ’em to tow n . . . and lost $21 on th e deal. So I h av en ’t slept for a w eek!” You Certainly Aren't The sto ry is being told of a draftee, exam ined by a p sy ch iatrist w ho okayed him. “Is th ere an y th in g else you th in k I ought to know ?” w as the p sy c h ia trist’s final question. “W ell m y m o th er w as frig h ten ed by a broken ju k e box,” confessed th e draftee, “and I ’m not exactly—n ot exactly—n o t ex actly—not exactly—not exactly.” Changes Brand Hide and Seek Bride: I don’t w a n t any m ore flour like th a t you sold m e last week. Grocer: W h at w as th e m a tte r w ith it? Bride: I t w as so tough m y husband couldn’t eat the biscuits I m ade w ith it. Custom er: You ought to charge me only half price for cu ttin g m y h a ir since I ’m h alf bald. B arber: W e don’t charge ju s t for cuttin g y o u r hair. W e charge for th e tim e sp en t in h u n tin g it. P atient: Doctor, th e size of yo u r bill m akes me boil all over. Doctor: T h at w ill be $20 ex tra for sterilizing y o u r system . Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February t9^3 Talked Too Much H appiest m an on earth: “H ow much is this sp ark lin g diam ond?” Jew eler: “T h at one is $100.” The young m an looked sta rtle d and th en w histled. He pointed to an o th e r one: “And th is one?” Jew eler: “T h at one is tw o w h istles.” Take Your Choice “Is th is th e hosiery d ep artm en t?” asked a w om an’s voice over th e phone. “Yes,” replied th e w eary saleslady. “H ave you any flesh-colored hose in stock?” “C ertainly, m adam . W hat color— pink, yellow, or black?” Only One a Day A law yer, w hose office w as on the tw elfth floor, w as expecting a client from th e country. Client (puffing violently): Some w alk up those tw elve flights. Law yer: W hy d idn’t you tak e th e elevator? Client: I m ean t to, b u t I m issed it. Very Amusing Clerk: These are exceptionally stro n g sh irts, sir. T hey sim ply laugh a t th e laundry. Custom er: Yes, I know th a t kind. I had some come back w ith th e ir sides split. Half Size Two young ladies w ere w alking dow n F ifth Avenue. Suddenly one cut loose w ith a piercing shriek. “Look,” she cried in am azem ent. “W hat is so terrib le?” asked h er friend. “T hey are only m idgets.” “T h an k goodness,” said th e o th er girl, greatly relieved, “I th o u g h t for a m in u te th ey w ere ratio n in g m en.” Forgot to Remember Co-ed: I had a date w ith an absentm inded professor last night. Girl Friend: How did you know he w as absent-m inded? Co-ed: Well, he m u st be. He gave me a low m ark on m y h isto ry te st this m orning. RESO U RCES C a s h a n d D u e f r o m B a n k s ........................................................................ $1,132,552,794.75 U . S. G o v e r n m e n t O b l i g a t i o n s , d i r e c t a n d f u l l y GUARANTEED ................................ S t a t e a n d M u n i c i p a l S e c u r i t i e s ......................................................... S t o c k o f F e d e r a l R e s e r v e B a n k ......................................................... O t h e r S e c u r i t i e s ............................................................................................... L o a n s , D i s c o u n t s a n d B a n k e r s ’ A c c e p t a n c e s ................................. B a n k i n g H o u s e s ............................................................................................... O t h e r R e a l E s t a t e ......................................................................................... M o r t g a g e s .............................................................................................. C u s t o m e r s ’ A c c e p t a n c e L i a b i l i t y ......................................................... O t h e r A s s e t s ..................................................................................................... 2,327,747,894.50 87,659,461.60 6,016,200.00 164,153,071.12 786,056,843.05 36,712,172.54 6,300,887.68 7,721,123.52 3,775,268.58 10,800,333.43 $4,569,496,050.77 LIABILITIES C a pita l F u n d s : C a p i t a l S t o c k ............................................................. $100,270,000.00 S u r p l u s ............................................................................ 100,270,000.00 U n d i v i d e d P r o f i t s ............................................ 45,049,412.80 D i v i d e n d P a y a b l e F e b r u a r y 1, 1943 ........................................... R e s e r v e f o r C o n t i n g e n c i e s ...................................................................... R e s e r v e f o r T a x e s , I n t e r e s t , e t c .......................................................... D e p o s i t s .................................................................................................................. A c c e p t a n c e s O u t s t a n d i n g ................................$ 7,107,370.38 L e s s A m o u n t i n P o r t f o l i o ................................ 2,989,534.46 L i a b i l i t y as E n d o r s e r o n A c c e p t a n c e s a n d F o r e i g n B i l l s . O t h e r L i a b i l i t i e s ............................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 245,589,412.80 5,180,000.00 11,810,380.27 3,681,901.24 4,291,466,886.03 4,117,835.92 340,860.29 7,308,774.22 "W e Have Been Asked For th e Im p ossib le ! • . . . Let Us Do It, As U sual!" T h is statem ent credited to Charles E. W ilson, form er p re s id e n t of th e G e n e ra l E lectric C om pany, e x p re s s e s th e d e te rm in e d a n d p a trio tic s p irit of Iowa Banks and Bankers as we face to d a y s vast program of total war. You can count on Iowa, U ncle Sam, to do its full share tow ard Victory I owa -D es M oines N ational B ank & TRUST COMPANY /Member F e d e ra l D e p osit Insura n ce C orporation r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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